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Economy added 31800 jobs in June but unemployment rate rose slightly

08 July 2018

With more people searching for work, the unemployment rate increased by 0.2 percentage points to 6.0 per cent, across the country, added the federal agency.

Canada's unemployment rate rose slightly last month to six per cent of the active population, the national statistical institute announced today.

The Bank of Canada will most likely raise rates to 1.50 percent, according to 19 of 25 economists surveyed by Reuters July 4-6. The bank's overnight rate target is 1.25 per cent. Average hourly wages in June rose by a healthy 3.5 percent from a year earlier.

"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. The construction, natural resources and manufacturing sectors saw the greatest job creation, while employment declined in hospitality and food services, as well as in agriculture.

The Canadian dollar initially strengthened to C$1.3095 to the USA dollar, or 76.37 US cents, up from C$1.3137, or 76.12 USA cents, before later giving up its gains.

The Canadian economy added a net 31,800 jobs in June on a seasonally adjusted basis, Statistics Canada said Friday.

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"Overall it is a good number for Canada this morning".

Traders see an 85.6% chance of a hike next week, activity on worldwide markets overnight indicated.

In a separate report Friday, Statistics Canada said the country's merchandise trade deficit with the world widened in May to almost $2.8 billion. Analysts in a Reuters poll had predicted a shortfall of C$2.05 billion.

The data underscored the continued importance of the USA market, which took in 74.2% of all Canadian goods exports in May.

The unknowns include Canada's intensifying trade dispute with the United States and the challenging renegotiation of the North American Free Trade Agreement.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

Economy added 31800 jobs in June but unemployment rate rose slightly