Statistics Canada released the labour market report today. Canada's unemployment rate declined to 7.0% in July from 7.1% in June, in line with expectations. The unemployment rate declined as fewer people went looking for a job. The labour force participation rate dropped to 65.9%. That was the lowest level since October 2001.

Canada's economy added only 200 in July, missing expectations for a rise of 25,400, after a 9,400 drop in June.

Part-time jobs increased by 60,000 jobs last month, while full-time jobs decreased by 59,700.

Construction, health care and social assistance sector were affected by the most job losses.