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The ‘Last Domino’ Just Fell for a Bank of Canada Rate Hike

  • June employment increase of 45,300 quadruples forecasts
  • Odds of rate hike at July 12 Bank of Canada meeting now 94%
A worker splits cedar logs to manufacture shakes and singles at a facility in Maple Ridge, British Columbia, Canada.

A worker splits cedar logs to manufacture shakes and singles at a facility in Maple Ridge, British Columbia, Canada.

Photographer: Abigail Saxton/Bloomberg
Updated on

Canada added more than four times the number of jobs economists had expected in June, capping the best quarter since 2010 and solidifying the view the Bank of Canada will raise interest rates at its meeting next week.

The 45,300 gain was the seventh in a row, taking the jobless rate to 6.5 percent from 6.6 percent, Statistics Canada reported Friday from Ottawa. Economists surveyed by Bloomberg projected a 10,000 job increase, with the highest prediction at 21,400, and no change in the unemployment rate.