Labor Market Weakness Keeps Door Open For Canada Rate Cuts [BNN Bloomberg (Canada)]
Bank Of Montreal (BMO)
Last bank of montreal earnings: 2/25 06:00 am
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Source: BNN Bloomberg
The country shed 1,400 jobs in June, while the unemployment rate rose 0.2 percentage points to 6.4%, Statistics Canada reported Friday in Ottawa. Economists had expected the job market to look stronger, with a gain of 25,000 positions and a jobless rate of 6.3%, according to the median estimates in a Bloomberg survey. The numbers point to further loosening of the labor market, which should help gradually cool wages that remain stubbornly high — wage growth for permanent employees accelerated to 5.6% in June, beating expectations. Despite elevated compensation increases, the softer labor market makes conditions more favorable for the Bank of Canada to reduce its policy rate again in the coming months. The data were released at the same time as US payrolls, which showed hiring moderated in June and prior months were revised lower, boosting the odds that the Federal Reserve will begin to cut interest rates in the coming months. Fluctuations in the loonie are often driven by the diff
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