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Unemployment rate rises to 5.4% despite job growth. BoC rate hike still on track
Author:
Steve Huebl
Publication date:
July 7, 2023
Article Summary:
Despite the creation of 60,000 new jobs in June, Canada's national unemployment rate rose to 5.4%, its highest level since January, due to growth in labor force participation outpacing employment gains. The Bank of Canada is still expected to proceed with another quarter-point rate hike at its upcoming monetary policy meeting, as the strong job figures all but assure the rate increase. Observers note that while the economic backdrop may be softening with signs of higher consumer delinquency rates and slowing wage growth, the central bank likely planned more than one interest rate hike and economic data hasn't been soft enough to derail those plans.
Keywords:
Canada, unemployment rate, job growth, Bank of Canada, rate hike, labor force participation, economic data, wage growth, monetary policy meeting, interest rate increase, consumer delinquency rates.
Source Citation:
Steve Huebl
Unemployment rate rises to 5.4% despite job growth. BoC rate hike still on track
July 7, 2023
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