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Bank of Canada expected to raise rates next week, despite rise in unemployment rate

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The Canadian labour market is showing some signs of softening as the unemployment rate rises and wage growth slows, but with another solid job gain in June, forecasters are still expecting an interest rate hike by the Bank of Canada next week.

Statistics Canada reported Friday the economy added 60,000 jobs in June, driven by gains in full-time work.

At the same time, employers' hiring appetite bounced back in June after the economy lost 17,000 jobs in May. Though signs of loosening in the labour market likely come as good news to the Bank of Canada, forecasters are still expecting the central bank to raise rates at its next interest rate decision on Wednesday.

However, Statistics Canada said wage growth also softened last month, rising 4.2 per cent from a year ago. That's compared with a year-over-year gain of 5.1 per cent in May.

 

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