What You Need to Know
Statistics Canada reported Friday that the economy added over 75,000 jobs in July, far exceeding economists’ expectations of 20,000. The unemployment rate fell to 6.4%, its lowest level in two years.
Friday’s numbers build on recent momentum – after 106,000 new jobs in May and June, July’s 75,100 came in above market expectations, bringing full-time job creation to 193,000 over the past three months.
Since December 2024, Canada has created 280,000 new jobs, four times the per-capita rate of the US, despite historic economic uncertainty, trade tensions, and geopolitical volatility.
Most of July’s gains were among Canadians aged 25-54 (+51,000) and in the private sector (+58,000).
The second quarter is also on track for strong growth, with preliminary data pointing to the economy expanding by 3.4%, after gains of 0.6% and 0.3% in April and May respectively.
Non-U.S. exports are on track to double over the next decade, foreign direct investment is running at twice the rate of our nearest G7 peer, and Canada now ranks as the most attractive country in the world for infrastructure investment.
These strong results show Canada’s economy is gaining momentum and creating more opportunities for Canadians.
Canada’s Momentum is Being Noticed
Eliot Pence, founder of Dominion Dynamics:
“Canada is starting to bet on itself again. And increasingly, growth is coming from the things we actually want it to come from: private investment, exports, productivity and innovation, not simply population growth and government spending.”
Matthew Winkler, former Editor-in-Chief of Bloomberg News:
“Canada, since Mark Carney became Prime Minister, has outperformed everyone in America, the Eurozone, and anywhere else in the world. This is one of the greatest moments for overseas investment in Canada that we’ve seen in a century.”
Dawn Desjardins, Chief Economist at Deloitte Canada:
“The real opportunity for growth will come from the combination of governments pushing forward with infrastructure investment, spending on defence, critical minerals and resources. A myriad of government policies including tax incentives, the removal of internal trade barriers, reskilling of workers, and investments in AI are key to unlocking private investment dollars.”
