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Canada labour market strengthens in July amid tariff risks

RBC said the unemployment rate fell to 6.4% in July after a 75k employment gain.

Reported · Written up by our desk · EM Currencies

Royal Bank of Canada analysts said Canada’s labour market improved in July, citing a 75k employment gain following stronger hiring in May and June. RBC also pointed to a decline in the unemployment rate to 6.4%.

FXStreet summarized RBC’s view that conditions are improving even as risks remain, including slower population growth and elevated retirements. The bank also flagged easing energy prices alongside persistent but contained tariff uncertainty tied to the United States.

RBC’s Nathan Janzen said the labour market has been improving despite still significant U.S. tariff uncertainty and higher energy prices, according to FXStreet. The note links the improving job picture to a mix of macro factors, rather than any single driver.

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