Canada's Payrolls in July Show No Inflationary Pressure, Rosenberg Research Says

09:01 AM EDT, 09/25/2026 (MT Newswires) -- Canada's July payrolls report (SEPH) points to continued improvement in employment, with little evidence of inflationary pressure, according to Rosenberg Research in a Friday note. Payroll employment rose by 26,100 in July, marking a fifth consecutive monthly increase, while June's gain was revised sharply higher to 20,200 from 4,800. The figures suggest the labour market may be entering the early stages of a recovery, wrote Rosenberg Research in the note. However, wage and vacancy data remain subdued, added Rosenberg. Average weekly earnings dropped to +3.2% YoY from +3.4% in June and are at the lowest pace since February. It "still suggests that for job-seekers, the current labor environment is tough with few options and fierce competition," added the bank in the note. The broader picture remains modest, with payroll employment up just 0.9% annually, although this is an improvement from February, when yearly growth was close to flat, said Rosenberg. Overall, Thursday's SEPH report provides some positive signals on hiring without pointing to meaningful inflationary pressure.