Jobs Report Beat Could Mean July Rate Hike

08 July, 2018, 17:15 | Author: Eric Barnett
  • A new study from the Human Resources Department suggests Ottawa is looking at ways to get people receiving employment insurance to move to other regions with more jobs

At the same time, the unemployment rate on the West Coast ticked up 0.4 percentage points to 5.2 per cent as more people entered the workforce looking for work.

Thomas jobless rate in June.

Statistics Canada said on Friday that 31,800 positions were created in June, majority part-time, while the unemployment rate rose to 6% from 5.8% as more Canadians were out looking for work.

The jobs gain was driven by an increase of 22,700 in part-time positions, while full-time work rose by 9,100.

On the economic front, the Canadian economy generated 31,000 jobs in June, versus expectations of 20,000 jobs.

The latest report on employment was released a week before the Bank of Canada will decide on interest rate.

The central bank has raised rates three times since July 2017, and on May 30 said higher interest rates were warranted, dropping more cautious language about additional monetary stimulus being needed.


"After an impressive performance in 2017, the Canadian labour market definitely took a breather in the first half of 2018", Arseneau wrote in a research note to clients.

By sector, the numbers showed goods-producing industries added 46,600 positions in June thanks to job-creation boosts in construction, natural resources and manufacturing.

Employment increased in Ontario, Saskatchewan, and Manitoba.

"The big question for us remains will we get any escalation in the trade war between the USA and China over the weekend and early next week that could blow things apart", said Paul-Andre Pinsonnault, senior fixed income economist at National Bank Financial.

Separately, Statscan said Canada's trade deficit in May grew to C$2.77 billion ($2.11 billion) from C$1.86 billion in April on a sharp rise in imports of airliners and gasoline while exports edged down.

The report showed that Canada's trade surplus with the USA narrowed to $3.3 billion in May, from $3.7 billion April, as more imports headed north across the border and south-bound exports decreased.

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