Canada’s labour market lost 2,200 jobs in March, and the unemployment rate increased to 6.1 per cent, according to Statistics Canada.
Canada’s labour market stalled in March, as it lost 2,200 jobs and the unemployment rate increased to 6.1 per cent, raising bets that the Bank of Canada will come off the sidelines and cut rates in June.
"While markets had been pushing back expectations for a first Bank of Canada interest rate cut following strong GDP data to start the year, today's labour force data should see them pulling those expectations forward again closer in line to our expectation for a first move in June." "Combined with the recent run of soft CPI prints, these numbers should have the Bank of Canada opening the door next week to easing policy around the middle of this year," Desjardins managing director and head of macro strategy Royce Mendes wrote in a research note on Friday.Our view is still that the central bank will begin a forceful rate cutting cycle this year, which extends into next year, to offset the impacts on the economy from mortgage renewals and slower population growth.
Statistics Canada said there were fewer people working in the accommodation and food services industry , wholesale and retail trade and professional, scientific and technical services . Employment in healthcare and social assistance increased in March as well as in the construction industry ., more than what economists had expected, affirming the view that the Bank of Canada would continue to wait before loosening monetary policy.
Statistics Canada Unemployment Rate Labour Market Canada
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IN PHOTOS: Canada fans rock Centre 200 at world curling semifinal in SydneyExplore stories from Atlantic Canada.
Read more »
June rate-cut bets rise as Canada's inflation cools more than expectedStatistics Canada says contributors to the deceleration included an easing of grocery prices, and the cost of cellular services and internet access services.
Read more »
Canada's new immigration caps to put pressure on inflation, cement June rate cut: DesjardinsWhile many Canadians would welcome lower inflation, negative effects on GDP, government coffers, and unemployment are part of the 'adverse consequences...
Read more »
About 200 Mississauga seniors losing retirement home to saleBarbara Tarrant, 77, moved into Chartwell Heritage Glen Retirement Residence less than a year ago. At the time, she says she thought it was going to be her last move, and was shocked to hear the home is closing.
Read more »
Over 200 Nigerian students released after abduction in KadunaExplore stories from Atlantic Canada.
Read more »
Over 200 Nigerian school hostages released after abductionExplore stories from Atlantic Canada.
Read more »