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Canada's Jobs Market Shows Resilience in June, Says CIBC

BY MT Newswires | ECONOMIC | 07/11/25 08:47 AM EDT

08:47 AM EDT, 07/11/2025 (MT Newswires) -- Canada's labor market showed its resilience in June, with employment jumping by 83,000 and the unemployment rate falling by a tick to 6.9%, said CIBC.

That was relative to the consensus for a flat employment reading and a tick up in the unemployment rate, noted the bank.

The bulk of jobs created were within part-time positions (+70,000) and in the private sector (+47,000), stated CIBC after the release of the Labour Force Survey (LFS).

The manufacturing sector bounced back from trade woes as it added 11,000 jobs, but wholesale/retail led the job gains, followed by healthcare/social assistance.

Wage growth for permanent employees cooled to 3.2% year over year and hours worked jumped by 0.5% month over month.

While the unemployment rate is still elevated, the strength in other measures in this report clearly diminishes the odds of a Bank of Canada rate cut in July, according to CIBC.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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