“We still think that the rate of 5.0 per cent reached at the time of the next hike will prove to be the peak, as evidence that the economy is slowing appears to be mounting,” he added.
Canada’s unemployment rate rose 0.2 percentage points, following a similar increase in May, as growth in the population and labor force outpaced employment and as more youth were looking for work. A string of strong economic data prompted Bank of Canada governor Tiff Macklem to end a five-month pause in June. Before May’s setback in employment figures, the country had the longest run of job creation since 2017 during which 423,900 positions were added. Headline inflation has, however, slowed sharply to 3.4 per cent in May from its peak of 8.1 per cent last year.Article content
Trading in overnight swaps now show the odds of a July hike approaching 75 per cent, from about two thirds before the Canadian jobs report.
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