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RBC flags tariff-linked demand in Canada’s September labour data

RBC estimates about 0.4% of Canada’s GDP and employment is tied to tariff-listed US goods demand, with the unemployment rate near 6.4%.

Reported · Written up by our desk · Major Pairs

Royal Bank of Canada analysts reviewed Canada’s September labour report, described as the first full set of job data after U.S. Section 338 tariffs took effect on Aug. 22, according to FXStreet.

The analysts estimate that about 0.4% of Canada’s gross domestic product and employment supports demand from the United States for goods on the tariff lists, the outlet said.

RBC expects the tariffs to stall, but not reverse, labour market progress, projecting modest job gains and an unemployment rate holding near 6.4%, FXStreet added.

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