Jobs
Rate Hike Seen by All Canada’s Big Six Banks on Strong Jobs Data
- 60,000 gain triples forecast even as unemployment rate rises
- CIBC joins peers in predicting Macklem will move again July 12
A welder works at a factory in Sainte-Claire, Quebec.
Photographer: Renaud Philippe/BloombergThis article is for subscribers only.
All six of Canada’s main commercial lenders now expect the Bank of Canada to raise interest rates next week after the country’s labor market tripled expectations in June.
The country added 60,000 jobs, driven by gains in full-time work, while the unemployment rate rose to 5.4%, the highest since February 2022, Statistics Canada reported Friday in Ottawa. The figures blew past a 20,000 forecast gain, but missed expectations in a Bloomberg survey for a jobless rate of 5.3%.