Reported 11 months ago
Canada's unemployment rate increased to 6.2% as the country added 26,700 jobs in May, in line with expectations. Despite Governor Tiff Macklem's dovish comments prompting hopes of a rate cut, rising wages and strong US labor report have led to caution among economists. The rise in unemployment may keep the Bank of Canada on track for a rate cut in July, but concerns over wage growth and economic data releases remain. Overall, the report will likely have little impact on officials as they monitor inflation and economic forecasts leading up to the next meeting.
Source: YAHOO