Forex▲ Bullish
Canada Jobs Beat Forecasts as Jobless Rate Falls to 6.5%
Employment rose 18,200 in June, topping forecasts. The jobless rate slipped to 6.5% as wage growth accelerated to 3.3%. The odds of a BoC rate cut next week recede.
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Canada added 18,200 jobs in June, beating the 10,000 consensus forecast. The unemployment rate slipped to 6.5% from 6.6%, its second monthly decline. Hiring slowed from May's 87,800 gain. The participation rate held at 65.0%, meaning the drop in joblessness came from more people working, not fewer looking.
Full-time positions increased 131,000 on a year-over-year basis, more than offsetting a decline in part-time roles. Average hourly wages rose 3.3% from a year earlier, accelerating from May's 3.0% pace. The employment rate edged up to 60.8%.