Canada Employment Numbers Due August 7: Another Month of Job Growth Predicted
Canada's employment numbers are set to be released on August 7th, and Continuum Economics is predicting a third consecutive month of job growth. In July, they expect an increase of 20k in employment, slightly lower than June's 18.2k but still showing momentum after a strong May that corrected for preceding weakness.
However, the Canadian economy may face challenges going forward due to fresh US tariffs, which could threaten its growth. The June employment numbers were mixed, with goods experiencing weakness and services showing strength, particularly in wholesale and retail and accommodation and food services sectors.
In July, Continuum Economics predicts a decline of 5k in the goods sector, while services are expected to remain steady at 35k, driven by a bounce in the public sector. Full-time work is also expected to rise by 25k, outpacing part-time employment which may decrease by 5k.
The labor force is predicted to increase by 10k, maintaining an unemployment rate of 6.5%, with participation remaining at 65.0% for a fourth consecutive month. Hourly wages are expected to grow at a slower pace, slipping to 3.4% from 3.7% in July 2025.