Friday, 20 July, 2018

Capital's jobless rate stuck in a good place in June

THE CANADIAN PRESS  Jonathan Hayward Workers are THE CANADIAN PRESS Jonathan Hayward Workers are
Jean Garcia | 08 July, 2018, 17:13

The Bank of Canada will hike interest rates on July 11 as strong job growth and rising inflation pressures override concerns about a deepening trade rift with the United States, a Reuters poll found.

Nationally, the jobless rate was also up last month to 6%, from 5.8% in May.

The local economy added 1,200 jobs in June, the labour force swelled by 1,800 while there was an extra 600 people who claimed unemployment.

The Bank of Canada is expected to raise its target for the overnight rate to 1.5% on Wednesday.

Before December 2017, the unemployment rate in the region had never dipped below six per cent since comparable statistics started being recorded.

"Compared with June 2017, employment increased by 215,000 or 1.2 per cent, with all the growth in full-time work".

The European Parliament rejected the Directive on copyright in the Internet
They will vote again in another plenary session in September, meaning that three-way negotiations on the file will be delayed. Update: The EU Parliament has voted against the controversial reform which will now be reopened to debates.

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

The greatest numbers of new jobs were reported in the provinces of Ontario (35,000), Saskatchewan (8,300) and Manitoba (4,100), Statistics Canada said.

Youth unemployment increased to 11.7 per cent last month, up from 11.1 in May.

Despite potential economic hurdles and global tensions, the bank says, "We continue to look for a policy interest rate hike on July 11th".

Separately, Statscan said Canada's trade deficit in May grew to C$2.77 billion ($2.11 billion) from C$1.86 billion in April on a sharp rise in imports of airliners and gasoline while exports edged down.

Exports declined mostly because of weaker trade on motor vehicles and parts as well as metal ores and non-metallic minerals.

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