In July, Canada's Unemployment rate slightly increased to 5.5%, with the economy losing 6,400 jobs, contrary to economists' predictions of a gain of 25,000 jobs. However, average hourly wages grew by 5% for the third consecutive month. This combination of job loss and wage growth presents mixed messages for the Bank of Canada, as it monitors inflation. The construction industry saw the most significant job losses, while the health care and social assistance sector experienced an increase in employment. Overall, the data suggests that the Bank of Canada's efforts to rebalance the labor market are working.

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