Canada\u2019s economy added 75,000 jobs in July, bringing the unemployment rate down to 6.4 percent \u2014 its lowest level in two years \u2014 as the economy adapts to US tariffs, data showed Friday.<\/p>\n
Statistics Canada said hiring was split between full-time and part-time work and was spread across industries, from finance to construction.<\/p>\n
The jobs numbers far exceeded analyst expectations, which forecast roughly 20,000 new jobs, and reinforces the Bank of Canada\u2019s view that businesses are better responding to US President Donald Trump\u2019s trade restrictions.<\/p>\n
It was also a noted contrast to the United States, which reported a July job loss of 23,000 jobs on Friday, significantly below analyst estimates.<\/p>\n
\u201cThe labour market is showing clear signs of recovery,\u201d TD Bank said in a note responding to the Canadian jobs figures, predicting that unemployment would continue to nudge downward through the rest of the year.<\/p>\n
But it cautioned that \u201cdownside risks to the economy remain,\u201d highlighting Trump\u2019s new threat to impose 50 percent tariffs on select Canadian goods on August 19.<\/p>\n
Prime Minister Mark Carney said this week that his government was working with Washington to avert those new levies while seeking a deal on a revised North American free trade agreement.<\/p>\n
Trump signed and praised the deal, known as the USMCA, during his first term but now says it doesn\u2019t serves US interests and wants it overhauled.<\/p>\n
Trump\u2019s tariffs have breached key parts of the USMCA, but most US-Canada trade remains tariff-free.<\/p>\n
RBC said the USMCA \u201ccontinues to backstop\u201d Canadian exports to the United States, but a broad collapse in bilateral free trade would upend the Canadian economy.<\/p>\n","protected":false},"excerpt":{"rendered":"Canada\u2019s economy added 75,000 jobs in July, bringing the unemployment rate down to 6.4 percent \u2014 its lowest…\n","protected":false},"author":2,"featured_media":159759,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[17,1823,30221],"class_list":["post-159758","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-canada","tag-international","tag-mna"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/159758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=159758"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/159758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/159759"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=159758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=159758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=159758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}