The unemployment rate dropped in July to 6.4%, its lowest level since July 2024, further complicating the outlook for the Bank of Canada’s next interest rate decision.<\/p>\n
Jobs data beats forecasts<\/p>\n
Employment increased by 0.4% in July, and the employment rate rose 0.1 percentage points to 60.9%. Employment rose among core-aged people 25 to 54 years old, mostly for women in that age group. Private-sector employment increased by about 58,000, while the number of self-employed workers rose by about 44,000, partly offset by a decline of about 27,000 in public-sector employment.<\/p>\n
Ontario added the most jobs of any province in July, with 52,000, an increase of 0.6%, while British Columbia added 18,000. Nationally, employment gains were concentrated in wholesale and retail trade, finance, insurance, real estate, rental and leasing, professional, scientific and technical services, and construction.<\/p>\n
Average hourly wages among employees rose 2.8% year over year in July, down from 3.3% in June.<\/p>\n
CIBC senior economist Andrew Grantham said the report exceeded expectations. “It’s stronger growth than we were maybe anticipating a few months ago,” Grantham said in an interview with The Canadian Press.<\/p>\n","protected":false},"excerpt":{"rendered":"The unemployment rate dropped in July to 6.4%, its lowest level since July 2024, further complicating the outlook…\n","protected":false},"author":2,"featured_media":163786,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[17,43417,1672,16103],"class_list":["post-163785","post","type-post","status-publish","format-standard","has-post-thumbnail","category-canada","tag-canada","tag-policy-rate","tag-statistics-canada","tag-unemployment-rate"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/163785","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=163785"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/163785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/163786"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=163785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=163785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=163785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}