Canada Adds 75,000 Jobs in July, Unemployment Falls to Two-Year Low

Canada's economy has shown resilience in the face of US tariffs, adding 75,000 jobs in July and bringing the unemployment rate down to 6.4 percent - its lowest level in two years.

The jobs numbers far exceeded analyst expectations, which forecast roughly 20,000 new jobs, according to Statistics Canada.

Hiring was split between full-time and part-time work and was spread across various industries, from finance to construction.

TD Bank noted that the labour market is showing clear signs of recovery and predicted that unemployment would continue to nudge downward through the rest of the year.

However, they cautioned that 'downside risks to the economy remain', citing Trump's new threat to impose 50 percent tariffs on select Canadian goods on August 19.