INDER CHAWLA, REAL ESTATE BROKER(ABR, SRS) - August 07, 2026
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Unemployment rate lowest in 2 years (Labour Force Survey, July 2026)
Canada added 75,000 jobs in July, up 0.4 per cent, as the unemployment rate fell to 6.4 per cent, its lowest level in two years.
Statistics Canada's labour force survey released on Friday said most of those gains were split between full- and part-time work, as wholesale and retail trade alone added 21,000 new jobs.
The agency says employment rose for people aged 25 to 54, and mostly for women in that age group.
The unemployment rate held steady at 5.8 per cent for men aged 25 to 54, Statistics Canada says, while falling 5.2 per cent for women in that cohort.
Ontario added the most jobs of any province in July, with 52,000, or an increase of 0.6 per cent, mostly in the professional, scientific and technical services sector. British Columbia had a similar increase, with 18,000 new jobs.
Statistics Canada said the country is up 181,000 jobs since April, and 196,000 from a year ago. July's employment rate boost follows on good jobs news in May and June.
Jobs report exceeds expectations
The hike in job numbers was "well above" forecasts. There was also good news for young people with the student summer job market stronger than it's been in the past two years and unemployment for young people, ages 15 to 24, the lowest since early 2024.
The 6.4 per cent overall unemployment rate may be at its lowest level in two years but it's still about half a point higher than what it would be if Canada's workforce was at full employment.
BMO chief economist Douglas Porter said Canada's labour force has only grown by less than 8,000 jobs a month or 91,200 people over the past year. "So it doesn't take much in the way of job gains to carve down that jobless rate," he said in an email statement.
He also said that positive trends in employment and job finding are offset by average hourly wage increases having "simmered down" to 2.8 per cent year over year, compared to 3.3 per cent in June, making it "the slowest in four years and in line with pre-pandemic trends."
Economists have previously said the labour market appeared to be stabilizing after the first quarter of the year brought a mild contraction and employers shed jobs.
The economy likely fared a lot better in the second quarter, with Statistics Canada estimating real GDP grew 3.4 per cent on an annualized basis over the three-month period.
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