While Justin Trudeau was busy extolling the value of unfair trade between the US and Canada over the past month, Canada lost 7,500 jobs, according to the latest release last week by Statistics Canada. The latest employment report for Canada disappointed analysts, who, on average, predicted that Canada would gain 22,000 jobs for the month of May.
Canada’s economy remains lack-luster, with an unemployment rate of 5.8%, labor participation rate of just 65.3% and year-over-year GDP growth of just 1.3%. Meanwhile in the United States, the latest Atlanta Fed Estimate pegs the seasonally adjusted annual GDP growth rate at 4.6% with unemployment sitting at 3.8% and labor participation clocking in at 62.7%.
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