Forex▲ Bullish
Canada Adds 18K Jobs in June, BoC Likely to Hold at 2.25%
Canada's June jobs report showed 18,000 new positions, near expectations. The unemployment rate dipped to 6.5%. TD Bank said the Bank of Canada will likely hold its policy rate at 2.25% next week.
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Canada's labour market added 18,000 jobs in June, landing near the low end of economist forecasts. The unemployment rate eased to 6.5% from 6.6%, and the labour force participation rate held steady at 65%.
TD Bank Financial Group said the report was broadly in line with expectations, following an exceptionally strong gain in May. Hiring moderated, and the unemployment rate returned to where it began the year.
The gains were concentrated in the private sector, while public-sector employment fell. Accommodation and food services led job creation with 15,000 new positions. Manufacturing lost 17,000 jobs, and has shed 61,000 since January 2025, when tariff uncertainty began to build.