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Statistics Canada to release key jobs report amid growing recession concerns
– canadianbusiness.com
OTTAWA – Statistics Canada is scheduled to release its latest read on the country’s job market later today.
Economists expect the report to show a loss of 10,000 jobs for June, with the unemployment rate edging up to 6.9 per cent, according to Thomson Reuters.
In May, the economy gained 58,900 jobs and the unemployment rate stood at 6.8 per cent.
The jobs report comes amid concerns about the strength of the economy and speculation the country slipped into recession in the first half of the year.
It is the last major economic data point before the Bank of Canada makes its rate announcement and releases its monetary policy report next Wednesday.
The central bank is widely expected to cut its economic outlook for the year, but it is less clear what it will do with its key interest rate.
The Bank of Canada unexpectedly cut its rate by a quarter-point in January as insurance against the impact of low oil prices on the economy.
However, the economy contracted in each of the first four months of the year…
Economists expect the report to show a loss of 10,000 jobs for June, with the unemployment rate edging up to 6.9 per cent, according to Thomson Reuters.
In May, the economy gained 58,900 jobs and the unemployment rate stood at 6.8 per cent.
The jobs report comes amid concerns about the strength of the economy and speculation the country slipped into recession in the first half of the year.
It is the last major economic data point before the Bank of Canada makes its rate announcement and releases its monetary policy report next Wednesday.
The central bank is widely expected to cut its economic outlook for the year, but it is less clear what it will do with its key interest rate.
The Bank of Canada unexpectedly cut its rate by a quarter-point in January as insurance against the impact of low oil prices on the economy.
However, the economy contracted in each of the first four months of the year…
