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"Canada reported incredibly strong jobs data before the weekend. Canada grew 93.2k jobs, more than four times more than than market expected, and 50k of those were full time jobs. These are impressive numbers and they renew expectations that the Bank of Canada will raise rates when it meets again next week, even though there have been doubts in recent weeks about the trajectory of the world economy and the US economy in particular.

Canada created almost 233k jobs in Q2. Given that that US economy is roughly 10 times bigger it would be as if (proportionately) the US created a net 2.3 mln jobs. For the record, the US created 357k private sector jobs in Q2. In terms of full time jobs, Canada created 160k in Q2 after 47.5k in Q1 and 17.7k in Q4 09. Canada appears to be the first G7 country to completely recoup the jobs lost due the economic downturn."

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