Canada adds surprise 83,000 jobs in June, driving unemployment rate down to 6.9%
Canada adds surprise 83,000 jobs in June, driving unemployment rate down to 6.9%
The Bank of Canada is increasingly expected to keep its benchmark interest rate on hold later this month after the labour market delivered a surprise hiring surge in June.
The vast majority of those jobs were part-time, the agency said.
Important detail.
Yep. Was waiting for someone to mention that. Hardly any full times.
So really, they only added maybe 40,000 jobs and are asking people to share.
Isn’t 6.9% unemployment still really high? 😬
Depends on your perspective.
The lowest it's been since 1990 is 4.5%, and that was a post-pandemic bounce-back in 2022. It's been over 10%, but the average is 6.6%. We are only slightly above that, which is amazing considering we are under direct attack from the States.
I would expect those number to drop as Canada severs ties with the US and builds a more robust internal economy.
And remember, every time you "buy Canadian" over something that would have come from the States, you are adding jobs to our workforce while taking them away (hopefully) from the American labour pool 🤗
Never let perfection be the enemy of progress. We're going through a rough patch as a nation so we take the small wins.
Nice