Canada’s employment landscape remained relatively stable in July, witnessing a minor reduction of 2,800 jobs and an unemployment rate of 6.4%. This steadiness may prompt the Bank of Canada to consider further interest rate cuts. Chief Economist Douglas Porter highlighted that employment growth has stagnated over the past two months, with the jobless rate nearly a percentage point higher than the previous year. Despite a challenging student job market and a minor decrease in the employment rate to 60.9%, sectoral shifts were evident, with notable declines in wholesale, retail trade, and finance sectors.
