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Expectations of a June interest rate cut solidify as cracks widen in labour market

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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

OTTAWA — .

The Marchjobs report is the last piece of major economic data the Bank of Canada has to consider ahead of its next interest rate decision on Wednesday. "For , it'll be another reason to take the very strong GDP numbers that we've had early in 2024, with a bigger grain of salt," he said. U.S. employers added a sizzling 303,000 workers to their payrolls in March, bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.

Young people are particularly feeling the chill in the labour market. Employment among those aged 15 to 24 declined by 28,000 in March and the jobless rate for the group rose to 12.6 per cent, the highest it’s been since September 2016 outside of pandemic years 2020 and 2021.

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