The Canadian economy lost 6,400 jobs in June as gains in full-time work were offset by losses of part-time jobs, Statistics Canada says.
The data agency reported Friday that the jobless rate stayed steady at 6.8 per cent, the same level it has been at since February.
Provincially, employment fell in Quebec and New Brunswick, but increased in British Columbia, and Newfoundland and Labrador, as reported by CBC News.
Investors Seek Bank of Canada (BoC) Guidance
The market will now shift its focus to the Bank of Canada (BoC)monetary policy meeting next Wednesday, July 15.
Governor Stephen Poloz is expected to follow the dovish lead of central banks of other commodity-based economies like the RBA and Reserve Bank of New Zealand. The BoC is expected to cut its growth forecasts and frame the economy’s recent data deterioration as a vindication for the unexpected rate cut six-months ago.
Currently, fixed-income traders are pricing in a 100% chance of a -25 basis points cut by October (51.3), and they’re now starting to price in another cut in December (47.5), albeit a small chance.