Jobs boom went bust in July: Statistics Canada

OTTAWA — The job boom went bust in July, with the loss of 55,000 jobs, the worst single-month drop since the height of the recession of the early 1990s.

Statistics Canada said the unemployment rate actually slipped to 6.1 per cent in July from 6.2 per cent in June, but only because many people - especially the young - left the work force. The economy is clearly slowing, analysts said.

"The Canadian economy is clearly downshifting in response to the downturn in the U.S. and the past run up in the Canadian dollar," said Michael Gregory of BMO Capital Markets.

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