Canada's labour market has demonstrated strength amid a high interest rate environment, but economists say a cool down in the months ahead is inevitable.
Economists tracked on the Bloomberg terminal are forecasting a 25,000 job gains in July and an unemployment rate of 5.5 per cent.“The expectation is for July employment to be weaker than June’s numbers – but still running hotter then average,” Jules Boudreau, senior economist at Mackenzie Investments, told BNN Bloomberg in an interview on Wednesday. He believes one reason for the labour market strength could be coming from south of the border, as the U.S.
For Orlando, this is a matter of the economy slowing enough to allow supply to catch-up to strong demand — and not a harbinger of a recession ahead. Another economist views the forecasted rise in the unemployment rate as a reflection of faster population growth and not a representation of job losses. “We’re expecting something in the vicinity of a 25,000 gain in employment .
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