Canada Jobs Surge in July

Canada’s economy added 75,100 jobs in July, far exceeding expectations of 16,500, while the unemployment rate fell to 6.4%, its lowest level in two years. The strong data suggests the economy is showing resilience despite U.S. tariffs and global uncertainty.

Full-time employment rose by 38,600, while part-time jobs increased by 36,600. Gains were concentrated in the private sector, particularly wholesale and retail trade, finance and insurance, and professional and scientific services.

The stronger labour market could support Canada’s economic recovery, although wage growth slowed to 3.0% in July from 3.7% in June. The Bank of Canada has kept its policy rate at 2.25% since October and is not expected to tighten policy soon.

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