On Friday, the 5th of July 2019, Canadian officials had revealed that Canada’s economy shed about two thousand jobs in June, however, the nation’s unemployment rate resided closer to its all-time record low of 5.4 percent reached during May this year, and the wage growth had sparked to more than a year high, reflecting a landscape of robust labor market and more market participation by bigger businesses.
Besides, followed by an upbeat unemployment report on Friday (July 5th), multiple analysts had been quoted saying that the chances of a rate cut as early as next week had been nullified by a bolstered Canadian economy. According to Statistics Canada report revealed later on Friday (July 5th), Canada’s unemployment rate was slightly higher at 5.5 percent in June from an all-time-low figure of 5.4 percent last month, pointing towards the fact that more and more people had been looking for work.
Aside from that, average hourly growth had surged to 3.6 percent June on a year-on-year basis, its best level year-on-year gain since May 2018, which had experienced a wage growth of 3.9 percent. Concomitantly, Canadian economy had added 24,100 full-time jobs in June, while about 26,200 part-time positions were cancelled. However, Canadian economy had created a record 1,06,500 jobs in April and added about 27,700 jobs more in May, 2019.