Forex
Home›Forex›Major Pairs›Canada unemployment falls to 2-year low after July job…
Canada unemployment falls to 2-year low after July jobs surge
July employment rose 75.1K, while the unemployment rate slipped to 6.4%, its lowest level since July 2024.
Canada’s labor market strengthened in July, with employment increasing by 75.1K, well above the 17.8K expected and up from 18.2K in June, according to Action Forex.
The unemployment rate fell from 6.5% to 6.4% despite expectations for no change, reaching the lowest level since July 2024 and marking the third straight monthly decline, Action Forex reported.
Alongside the headline jobs gain, the employment rate edged up 0.1 percentage point to 60.9%. Job growth was spread across private-sector industries including wholesale and retail trade, finance, insurance, real estate, rental and leasing, professional and technical services, and construction.
Wage pressures continued to cool, with average hourly earnings growth slowing to 2.8% year over year from 3.3% previously, Action Forex said, even as some employment losses were recorded in public administration and agriculture.