RBC economist Claire Fan said Canada’s September employment decline is highly volatile and should not be over-interpreted. Roughly 70% of the fall came from 15–24-year-olds; seasonal hiring patterns around the new school year mean the drop does not necessarily signal broad labour‑market deterioration. Leading indicators show hiring demand has not fallen to worrying levels since the imposition of recent US tariffs. Fan expects earlier improvements in Canada’s labour market to persist and for the

RBC economist Claire Fan said Canada’s September employment decline is highly volatile and should not be over-interpreted. Roughly 70% of the fall came from 15–24-year-olds; seasonal hiring patterns around the new school year mean the drop does not necessarily signal broad labour‑market deterioration. Leading indicators show hiring demand has not fallen to worrying levels since the imposition of recent US tariffs. Fan expects earlier improvements in Canada’s labour market to persist and for the unemployment rate to trend down over the remainder of 2026.