Bolsters bets the Bank of Canada will deliver another outsized interest-rate cut next week
Canada ’s unemployment rate jumped to its highest level in years in November, bolstering bets that the Bank of Canada will deliver another outsized interest-rate cut next week to revive a sluggish economy.
Moreover, the details of the hiring burst were less encouraging. The public sector accounted for the bulk of new positions, with a net increase of 45,000 jobs.will cut its key interest rate – now at 3.75 per cent – by a half-point at its decision on Dec. 11, matching a large reduction at its previous meeting in late October.
The outcome of next week’s rate decision is still subject to debate. Despite the rise in joblessness, several analysts on Bay Street think the Bank of Canada will revert to a quarter-point cut, matching the first three moves of this easing cycle. Average hourly wages rose by an annual 4.1 per cent in November, slowing from 4.9 per cent in October. Total hours worked across the economy edged lower by 0.2 per cent.
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