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Surprisingly strong June jobs numbers quash Bank of Canada rate cut odds

Statistics Canada says the unemployment rate dropped a tick to 6.9 per cent in June as the economy added 83,000 jobs, mostly in part-time work.

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3 min read
Economists expect jobs market flatlined, unemployment rose in June

Statistics Canada is set to report June employment figures on Friday. A worker uses an angle grinder on a vessel under construction at Seaspan Shipyards, in North Vancouver, B.C., on Thursday, October 10, 2024. 


OTTAWA - 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.

Statistics Canada said Friday that the unemployment rate dropped a tenth of a percentage point to 6.9 per cent in June as the economy added some 83,000 jobs.

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