In its Labour Force Survey released Friday morning, Statistics Canada said 17,000 jobs were lost in May, the first time in eight months there was a net job loss. The unemployment rate rose to 5.2 per cent.The Bank of Canada cited continuing strength in the labour market Wednesday in announcing its decisionby 25 basis points — a quarter of a percentage point — to 4.75 per cent.
Last March, the bank began an aggressive rate-hike campaign in a bid to drive inflation down, pushing its key overnight rate to 4.5 per cent from 0.25 per cent.
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