Breaking News: CAD rallies on jobs beat of +83,100, unemployment falls to 6.9%

• CA Unemployment Rate June, 6.9% vs 7.1% expected, beat of +0.2%
• CA Net Change in Employment June, +83.1k vs. +0k expected, beat of +83,100
• CA Average Hourly Wages June (YoY), +3.2% vs +3.0% expected, beat of 0.2%
• CA Building Permits May (MoM), 12% vs -0.8% expected, beat of +12.8%
• CA Participation Rate June, 65.4% vs 65.0% expected, beat of +0.4%

Breaking: The Canadian economy added +83,100 jobs in June, beating expectations by +83,100. Unemployment also fell to 6.9%, returning to levels seen in April.

As part of the same release, average hourly wages rose by 3.2% YoY, building permits rose by 12%, and the participation rate rose to 6.5%, all beating expectations.

Key takeaway: The Canadian labour market is healthier than previously thought, reducing the current case for further rate cuts by the Bank of Canada and vindicating current choices on monetary policy.

"Employment increased by 83,000 (+0.4%) in June and the employment rate rose by 0.1 percentage points to 60.9%. The unemployment rate fell 0.1 percentage points to 6.9%"

Employment rose by 83,000 (+0.4%) in June, the first increase since January. Employment growth was concentrated in part-time work (+70,000; +1.8%)

Labour Force Survey, June 2025, StatCan 11/07/2025

In the minutes following the release, USD/CAD trades 0.13% lower, while CAD/JPY trades 0.20% higher.

Markets now look towards further US economic releases today:

• 12:00 EDT US USDA WASDE Report
• 13:00 EDT US Baker Hughes US Oil Rig Count
• 14:00 EDT US Monthly Budget Statement June
• 15:30 EDT AU CFTC AUD NC Net Positions
• 15:30 EDT EU CFTC EUR NC Net Positions
• 15:30 EDT JP CFTC JPY NC Net Positions
• 15:30 EDT GB CFTC GBP NC Net Positions
• 15:30 EDT US CFTC Gold NC Net Positions
• 15:30 EDT US CFTC Oil NC Net Positions
• 15:30 EDT US CFTC S&P 500 NC Net Positions

Read the full release: Labour Force Survey, June 2025, StatCan