Canada's unemployment rate jumped to 6.1 per cent in March as more people looked for work and job growth stalled -- solidifying expectations of a June interest rate cut.
Investors will be looking for any hints from the central bank on when it plans to begin lowering its key rate, which currently sits at five per cent. Statistics Canada reported last week that real gross domestic product increased by 0.6 per cent in January. The agency added that it expected growth continued in February with a preliminary estimate pointing to a 0.4-per-cent gain.
Meanwhile, Canada's risein unemployment comes as high borrowing costs weigh on businesses and strong population growth continues to add to the country's labour supply."The problem is that we got a slight decline in employment at a time when the population is still increasing, very, very quickly. And that was the main cause of concern within this report," Grantham later said in an interview.
An RBC report released in January said students and new graduates, rather than new arrivals to Canada, are driving the increase in unemployment in the country. Janzen expects the unemployment rate to peak at 6.5 per cent in the third quarter of the year, noting interest rates will continue to restrict growth until they return to normal levels.
Swimming Canada says a contingency plan for the Olympic and Paralympic trials is in the works following the extended closure of Montreal's Olympic pool.A new poll from Nanos Research for CTV News has found that a majority of Canadians doubt the police are able to recover stolen cars.
A small town in northeastern Ontario is being inundated with interest after announcing a program that would see plots of land for new home builds being offered for as low as $10 along with a five-year property tax break.More than $12 million has been spent policing protests across the city since October, the Toronto Police Service said Friday.
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