Canada: Unemployment Rate Unexpectedly Drops.

The unemployment rate in Canada eased to 6.5% in June of 2026 from 6.6% in the previous month, below market expectations that it would remain unchanged and tying for the lowest since July of 2024. Net employment rose by 18,000 positions to 21,139,700, mostly supported by part-time positions. In the meantime, unemployment fell by 13,200 to 1,469,200. The developments translated to an unchanged labor force participation rate of 65%, which has remained relatively steady since the start of the year despite the energy supply shocks due to the war in Iran and the exchange of tariffs with the United States.