WRAPUP 1-Canada creates more jobs than expected, rate hike seen likely

10 July, 2018, 00:45 | Author: Regina Silva
  • The New Brunswick economy lost 1,100 jobs in June pushing the unemployment rate up to 7.5 per cent according to Statistics Canada

The unemployment rate across the province was steady at 4.9 percent, while the national unemployment rate dropped from 6.1 to 5.9 percent last month.

According to a recently conducted Reuters poll, the Bank of Canada is expected hike its policy rate on July 11 as the rising inflation counters concerns regarding Trump administration's trade policy.

The economy created 1,300 part-time positions to make up some of the ground lost in the full-time job market.

The latest jobs figures arrived less than a week before the Bank of Canada's next interest-rate decision. "Over the same period, total hours worked grew by 1.4 per per cent", it said.

Chances of a Bank of Canada interest rate increase at the July 11 announcement climbed to more than 90 percent from 88 percent before the data, the overnight index swaps market indicated. "Overall employment was little changed in the first six months of 2018, following notable growth in 2017".

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"It remains to be seen if a rebound in the private sector will occur given growing trade uncertainties".

Ontario added 34,900 jobs for an increase of 0.5 per cent compared with the previous month, while Saskatchewan posted its largest monthly gain in over six years with the creation of 8,300 positions, which represented 1.5 per cent growth.

Services sectors, meanwhile, lost 14,700 jobs mostly because of big decreases in accommodation and food services positions as well as wholesale and trade.

"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.

Trump escalated by saying the USA could soon impose tariffs on more than $500 billion in Chinese imports.

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