Forex▲ Bullish
Canada Employment Rises 18.2k in June, Jobless Rate Falls to 6.5%
Canada added 18.2k jobs in June, topping forecasts. Unemployment rate fell to 6.5% as participation held steady. Wage growth accelerated to 3.3% ahead of the BoC meeting.
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Canada's job market added 18,200 positions in June, topping the 10,000 gain economists had forecast. The unemployment rate dropped to 6.5% from 6.6%, a second straight monthly decline. Hiring slowed from May's blockbuster 87,800 increase, though the report still pointed to a labor market in solid shape.
The details showed broad strength. The employment rate edged up to 60.8% while the participation rate held at 65.0%, indicating the drop in unemployment came from more hiring, not fewer people looking for work. Over the past year, employment has risen by 99,000, with full-time jobs accounting for 131,000 of that gain. Average hourly earnings climbed 3.3% from a year ago, up from 3.0% in May, a sign that wage growth continues to support household incomes.
The report lands ahead of the Bank of Canada's meeting next week. Governor Tiff Macklem has said the central bank's main focus is structural rather than cyclical, with trade policy uncertainty under the USMCA review likely to shape investment for years.