BoC likely done raising interest rates, despite job gains last month: economists

Statistics Canada reported Friday the economy added 40,000 jobs last month - double the consensus expectation from economists.

“The underlying trend that we're seeing over the last three to six months is still one that employment is growing ... but we are falling short of the growth in the population.” The federal agency said the job-changing rate - which represents the percentage of workers who switch jobs between months - has fallen from the peak reached in January 2022.

But the central bank is still concerned about stubbornly high inflation and wants more confirmation that growth is stalling, including in the labour market. Grantham said it's difficult to judge how much of the strong wage growth is driven by a tight labour market, versus worker demand for wage increases to reflect the runup in inflation.

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