The Canadian economy added 34,000 new jobs in August, recouping the 30,400 that were lost in July, according to data from government agency Statistics Canada.

The dramatic increase in August is the result of added employment in various sectors including professional and natural resources. At the same time, there were fewer people employed in construction, as well as information, culture and recreation.

The dramatic increase in August is the result of added employment in various sectors including professional and natural resources. At the same time, there were fewer people employed in construction, as well as information, culture and recreation.

One of the surprising statistics showed that employment for people aged over 55 increased, while employment among youth aged 15 to 24 decreased by 0.9%. Not only that, but this summer, the average employment rate from May to August for students aged 15 to 24 was 47.9%, down from 49.1% last summer. 

The rise in added jobs was mainly due to the 33,000 part-time jobs created in Quebec, mainly due to its seasonal agricultural workforce needs. This left overall employment in the province slightly above the level of 12 months earlier. At 7.6% in August, the unemployment rate was unchanged from the previous month. 

Camilla Sutton, Scotiabank chief currency strategist, was hopeful this increase would act as a catalyst of improvement for the Canadian economy: “It's likely to support the already hawkish stance of the Bank of Canada. We've had a slew of some disappointing domestic data recently, so this is a positive development for the Canadian dollar.”