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Canada economy adds more jobs but unemployment rate rises

USDCAD News by Newsroom on 09:14 July 06, 2018 EST

A similar story than the NFP report in the US. A gain of 31,800 jobs last month wasn’t enough to keep the country’s unemployment rate from rising to six per cent as more people looked for work, Statistics Canada said Friday. Analysts predicted a gain of 24,000 positions and said the jobless rate would remain unchanged.

The latest labour force survey shows the jobless rate for June increased from 5.8 per cent in May to break the six per cent barrier for the first time since October, when it came at 6.2.

The unemployment rate moved up last month despite the addition of new jobs as nearly 76,000 more people entered the workforce.

The average hourly wage growth, which is closely watched by the Bank of Canada, remained strong last month at 3.6 per cent albeit down from the 3.9% achieved the previous month.

The report may increase expectations that the Bank of Canada will hike rates on July 11 for the fourth time in a year.