CIBC Suggests That Canadian Employment Data Still Points To Strong Labor Market

8/10/2007 9:56:59 AM Avery Shenfeld, an analyst at CIBC World Markets, said the latest Canadian employment data was part of a recent trend pointing to strength in the labor market. Total employment rose a less-than-expected 11,300 in July, though this was largely the result of a 57,000 drop in educational services. The unemployment rate slipped to 6%.The CIBC analyst said that the 6-month average of Canadian job gains stands at 20,000 - a pace that would exceed normal growth in the labor force. According to the analyst, such a pace of expansion usually leads to falling unemployment and a tightening labor market.