Canada added 75,000 jobs in July, up 0.4 per cent, as the unemployment rate fell to 6.4 per cent, its lowest level in two years. Statistics Canada says gains were split between full- and part-time work, with Ontario adding the most jobs of any province at 52,000. Wholesale and retail trade alone added 21,000 new jobs.

Employment rose for people aged 25 to 54, mostly women. Ontario's gains were mostly in professional, scientific and technical services. British Columbia added 18,000 jobs. Manitoba and Nova Scotia also saw increases. The country is up 181,000 jobs since April.

"Three straight months moving in the right direction is exactly how turning points begin," said Laura Ulrich of Indeed. The hike was "well above" forecasts, said CIBC's Andrew Grantham. However, unemployment for Black youth was 22.6 per cent, compared to 11.6 per cent for non-racialized youth.

BMO's Douglas Porter noted wage growth slowed to 2.8 per cent year over year, the slowest in four years. Economists warn of potential U.S. tariffs on Canadian imports due Aug. 19. Desjardins' Royce Mendes said businesses are navigating trade uncertainty, but further turmoil looms.