Canada's unemployment rate rose to 6.4 per cent in June while wage growth accelerated. Here's what to know.
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Senior Manager at Finneo | Techstars Portfolio Company | Debt Advisory | Multifamily | Industrial | Land | Mortgage Broker | Podcast Host: Efficiency in CRE
Canada's rising unemployment rate, along with job losses in some sectors and differences across different parts of the country, shows we’re facing some economic challenges that need specific solutions. Even though wage growth is a good sign, the outlook is still uncertain. The Bank of Canada needs to balance its approach to support economic growth without causing inflation to significantly increase. It’s like walking a tight rope! #CanadaEconomy #UnemploymentRate #JobMarket #EconomicChallenges #WageGrowth #PolicyResponse #MonetaryPolicy #LongTermSolutions #ImmediateRelief
Canada's unemployment rate rises to 6.4% as job market stalls
financialpost.com
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Canada’s labor market stumbled in June, with the unemployment rate rising more than expected to 6.4%. The economy saw a net loss of 1.4k jobs, compared to expectations of 25k job gains. Still, most economists believe the Bank of Canada will tread cautiously before delivering its next anticipated rate cut, which could come as early as its next meeting on July 24, or not until September 4. https://lnkd.in/gAk7qfY5
Will rising unemployment hasten the Bank of Canada’s coming rate cuts?
https://www.canadianmortgagetrends.com
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Empowering Global Expansion & Strategic Innovation | Intentional Strategy Associate| Strategic Alliance Executive| International Trade Shows and Corporate events Organizer| Writer
Canada’s 🇨🇦 economy surpassed expectations by adding 63,800 jobs in September, while wages continued to rise, thereby increasing the likelihood of another rate hike. The jobless rate remained at 5.5% for a third consecutive month, and the average hourly wage for permanent employees increased by 5.3% compared to September 2022. These robust gains are driving expectations of a rate hike by the Bank of Canada which has already raised rates 10 times in the past 18 months to curb inflation. https://lnkd.in/gsR8zxRJ #economicnews #canadanews #canadaeconomy
Canada jobs, wage gains blow away expectations, up chances for rate hike
reuters.com
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NOW IS THE TIME TO GET A RAISE! In August 2023, average hourly wage for permanent employees increases 5.2% compared to August 2022. In July, the year on year increase was 5.0%. That makes it two back to back months where wage increases outpace inflation! The Bank of Canada has said that wages cannot maintain their current patterns of rising between 4 to 5% annually. My prediction is that raises/rate increases will become harder & harder to receive as the economy deals with the effects of the Bank of Canada's rapid rate increases that started in March 2022. If you haven't received a raise since March 2022, now is the time to ask for one. Stay tuned for a post next week on the best way to ask for a raise. Your favourite recruiter, Michael Gass Source for data in this post: https://lnkd.in/dXVWE7uw
BoC likely done raising interest rates, despite job gains last month, economists say
theglobeandmail.com
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"Canada’s labour market started off the year with the biggest job gains in four months, but slowing wage growth points to further easing of price pressures, which may allow the Bank of Canada to start considering interest rate cuts in the coming months." Learn more about the growth in the job market: https://ow.ly/wEm750QzOsp #Job #Employment #LabourMarket
Canada job gains double forecasts but wage growth cools
financialpost.com
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In May, Canada's economic landscape presented a mixed bag of signals as the unemployment rate ticked up to 6.2%, marking a more than two-year high, while wage growth surged to a four-month peak of 5.2%. According to data released on Friday by Statistics Canada, the Canadian economy added 26,700 jobs during the month, offering diverging insights into the country's labor market dynamics and posing a conundrum for policymakers at the Bank of Canada. The uptick in the unemployment rate, which has been on a steady upward trajectory over the past year, reflects ongoing challenges within the labor market, exacerbated in part by the pressures of high interest rates. However, the acceleration in wage growth, particularly outpacing inflation, presents a complex scenario for policymakers grappling with the dual mandate of stabilizing employment and curbing inflation. The release of the jobs data prompted a recalibration in market expectations, with money markets trimming bets on a July rate cut to 44%, down from over 50% previously anticipated. The cautious stance adopted by the Bank of Canada was reiterated following Wednesday's warning that persistent high wage growth could impede progress in containing inflation. Against the backdrop of stronger-than-expected U.S. jobs data and ongoing global economic dynamics, the Canadian dollar traded lower, reflecting market uncertainty surrounding future monetary policy actions. #CanadaEconomy #Unemployment #WageGrowth #BankOfCanada #MonetaryPolicy #Inflation #JobMarket https://lnkd.in/gteB442H
Canada's jobless rate ticks up in May, wage growth accelerates too
reuters.com
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Canada 🍁 🇨🇦 saw a lacklustre jobs increase of 17,500 in October vs 25,000 expected Testament of a softening economy and cooling labor market as unemployment rate ticked up to 5.7% supporting continued rate hike pause by the Bank of Canada (BOC) with a possibility of rate cuts in H2 2024. This bullish sentiment suggests a positive open on the TSX #jobs #nonfarmpayrolls #economy #markets #unemploymentrate #fed #federalreserve #rates #interestrates #higherforlonger #boc #ecb #boe #centralbanks #workforce #labormarket
Canada posts meager job gains, unemployment rate climbs to 5.7% - BNN Bloomberg
bnnbloomberg.ca
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Canada’s labour market added a net 37,300 jobs in January and the unemployment rate fell slightly to 5.7 per cent, according to Statistics Canada, data that may support keeping the Bank of Canada on the sidelines for longer amid expectations for a rate cut. https://lnkd.in/gHMsT2Tz
Canada's labour market blows past expectations, could keep BoC on hold longer
ca.finance.yahoo.com
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With 114,844 total Bankruptcy in the last 12 months, I wonder how Canada added 40,000 new jobs last month alone, keeping the unemployment rate steady at 5.5%. The Bank of Canada held its key interest rate unchanged following a slow economy in the second quarter. I wonder if The Bank of Canada would still hold its interest rate if it knew about the added jobs. https://lnkd.in/dUm8UgMa
Unemployment rate steady at 5.5% in August as economy adds 40K jobs: StatCan | CityNews Calgary
calgary.citynews.ca
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ᓱᐣ ᐅᕝ ᐅJᐃ ᐨᕒᐁᐁ ᕕDDLᐁR ᓱᐨᑫR ᐨᓬᐊᐣ, Chief Operating Officer, National Construction Council - UBC; Board Member - Edmonton Chamber of Commerce
The September jobs report in Canada beat expectations by a multiple of three. This will cause the Bank of Canada consternation as they consider their next interest rate decision point. The Bank of Canada would be wise to dig deeper than the surface numbers, as part-time work and rising self-employment accounted for most of the increase. Despite the increase in jobs by 66,000 positions, total hours worked dropped by 0.2% in the month. The next decision for the Bank of Canada concerning interest rates is scheduled for October 25. The largest jump in jobs was also in the public sector and in BC and Quebec, whereas private sector jobs held steady, and Alberta lost 38,000. Many will ask if a growing public sector, increase in part-time work, and an increase in people starting precarious self-employment/contract work is a good reason to keep the gas on in terms of another interest rate hike. Douglas Porter of the Bank of Montreal says labour is still steaming ahead - he and others need to look at the numbers behind the numbers - seriously. There is labour-market strength and vacancies, but certain aspects of the numbers we see are precarious and increase volatility. Another factor that may drive another hike from the Bank of Canada is the abundance of permanent wage increases - which themselves drive up inflation. Companies are forecasting just under 4% wage increases - still for 2024. That, with the rising cost of other inputs, the Bank of Canada will be challenged to meet its 2% target. More to come - let's watch and see on October 25, 2023.
Canada’s jobs growth triples estimates in September, putting pressure on BoC ahead of rate decision
theglobeandmail.com
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