Saturday, May 31, 2025

Latest

Canada’s Economy Unexpectedly Adds 60K Jobs in June

Canada’s economy added about 60,000 new jobs in June, substantially more than the 17,300 drop in May, and well above forecasts calling for an increase of 20,000. The unemployment rate, meanwhile, rose 0.2 percentage points to 5.4%— the highest in nearly 12 months and slightly above the 5.3% expected by economists.

Last month’s employment gains were primarily driven by full-time work, and across the wholesale and retail trade sector, healthcare and social assistance, and the manufacturing sector. Educational services reported the first monthly decline in employment since August 2022, while Canada’s construction sector saw an exodus of 14,000 jobs last month.

Even though the unemployment rate edged higher in June following a comparable increase in May, it’s still well below the pre-pandemic average of 5.7% reported in February 2020. The Bank of Canada is expected to deliver it’s rate decision on July 12, as economists forecast another 25 basis-point hike that will effectively bring the overnight rate to 5%.

Providing some relief to policy makers, though, is the slowdown in wage growth. Statistics Canada reported that average hourly wages rose 4.2% from June 2022, marking the slowest year-over-year growth in wages since May 2022.

Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Rising Home, Rental Costs May Force Central Banks to Raise Rates More Than Expected

When discussing the stickiness of inflation and the need for central banks to raise interest...

Tuesday, May 3, 2022, 03:41:00 PM

Bank of Canada Delivers Another Colossal 50 Basis-Point Rate Hike

Canada’s central bank embarked on yet another hawkish tightening cycle, this time raising its overnight...

Wednesday, June 1, 2022, 10:59:21 AM

Is Tiff Macklem Throwing in the Towel? BoC Governor Hints at Adjusting 2% Inflation Target

The Bank of Canada and its Governor, Tiff Macklem, have found themselves at a crucial...

Friday, September 8, 2023, 07:42:00 AM

Bank Of Canada Cuts Interest Rates For Seventh Consecutive Time To 2.75%

The Bank of Canada announced today a 25 basis point reduction in its target for...

Wednesday, March 12, 2025, 10:07:27 AM

More Pain to Come: Bank of Canada Poised to Deliver Another Colossal Rate Hike Into Restrictive Territory

With inflation running at 40 year-highs, consumers face a tough road ahead. But, according to...

Tuesday, September 6, 2022, 04:22:00 PM