August 17, 2022

Wire Service Canada

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Canada: Unemployment rate at 4.9%, all-time high

(Il Sole 24 Ore Radiocor Plus) – New York, 08 July – Canada’s unemployment rate fell to an all-time low despite the first monthly job loss since January. The unemployment rate fell 0.2 points to 4.9% in June, according to Canadian officials; However, during the month, 43,000 jobs were lost, while experts expect some tens of thousands of jobs to be created, thanks to the end of health restrictions. Aside from the decline due to the pandemic, the decline reflected voluntary exits from the workforce, which fell by nearly 100,000 units, the largest monthly decline ever recorded. Average hourly wages rose 5.2% year-over-year after +3.9% in May. In early June, the Bank of Canada raised interest rates by one percentage point to 1.5% with the aim of controlling the pace of inflation. The next central bank decision is expected on July 13; Many analysts expect rates to rise by 75 basis points, with inflation coming in at 7.7% in May.

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(Radiocore) 08-07-22 18:27:25 (0530) 3 NNNN

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