Unemployment rose to 5.4% in June despite the economy adding 60,000 jobs
The Canadian labour market snapped back to growth in June, paving the way for the Bank of Canada to raise interest rates again next week.
“This pace of hiring is hardly what the Bank of Canada was expecting earlier in the year when it paused its rate hiking cycle in anticipation of a rebalancing in the labour market,” Royce Mendes, head of macro strategy at Desjardins Securities, said in a client note. After a brief pause in changes to monetary policy, the Bank of Canada raised its benchmark interest rate to 4.75 per cent from 4.5 per cent last month, highlighting concerns that inflation could get stuck materially above the bank’s 2-per-cent target. The policy rate is now at its highest level since 2001.
The labour market, meanwhile, is continuing to churn out jobs. Full-time employment rose by 110,000 in June, while many industries – such as manufacturing and health care – posted strong gains.
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