Posted 4/5/2024, 3:27:40 PM
Canadian Unemployment Rises to Over 2-Year High, Fuelling Bets on Bank of Canada Rate Cuts
- Canada's unemployment rate rose to 6.1% in March, the highest level in over 2 years, as the economy lost 2,200 net jobs
- This contrasts with the strong US jobs report for March, causing bets on Bank of Canada rate cuts to increase
- Employment fell in accommodation, food services, wholesale and retail trade
- Wage growth remains elevated at 5.1% annually
- Traders now see an 80% chance of a Bank of Canada rate cut in June, up from 72% previously
