The Canadian economy unexpectedly shed a net 6,400 jobs in July while the jobless rate ticked up to 5.5. Analysts polled by Reuters had forecast a net gain of 21,100 jobs and for the unemployment rate to edge up to 5.5 from 5.4 in June. The economy has lost jobs in two of the previous three months, Statistics Canada said. The labor market has until now been resilient even as the central bank raised its key overnight rate ten times since March 2022. The Bank, fretting about inflation still well above its 2 target, lifted rates in June and July and said it would study data closely before moving again. It is due to make its next announcement on Sept. 6. Money markets see a 28 chance of a rate hike in September, down slightly from 32 before the data.
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