Statistics Canada says the unemployment rate rose to 5.4 per cent in June, reaching the highest level in over a year. The increase came as the Canadian economy added 60,000 jobs for the month.
OTTAWA - The Canadian labour market is showing some signs of softening as the unemployment rate rises and wage growth slows, but with another solid job gain last month, forecasters are still expecting a rate hike next week.
“The reason the unemployment rate can rise alongside historically strong employment growth is that population growth continues to set new records — including an 84k monthly increase in June,” wrote RBC assistant chief economist Nathan Janzen in a note to clients. The loosening of the labour market likely comes as good news to the Bank of Canada, which is looking for signs that its aggressive rate hikes are working to cool the economy.
The central bank opted to end its pause on rate hikes in June after a string of economic data suggested interest rates weren’t high enough.
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