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Canada’s unemployment rate hit its highest point in over two years last month, reaching 6.4% in June, up from 6.2% in May. This is the highest it’s been since January 2022, when it was at 6.5%. The economy also lost 1,400 jobs in June.
The impact of this on the Bank of Canada’s upcoming interest rate decision remains uncertain. However, Leslie Preston, a managing director and senior economist at TD Bank, noted that financial markets are now more likely to anticipate a rate cut from the central bank due to the weak jobs report. The next interest rate decision is scheduled for July 24th.
Written by Jeremy Hall