@canadahelpline: 📰 *Job Market Shows Sign of Softening, Economists Call for Further Action* 📉 🔹 Canada's unemployment rate rose to 5.2% in May, marking the first increase in nine months. 🔹 Youth summer hiring contributed to the rise, with a modest loss of 17,000 jobs overall. 🔹 The streak of eight consecutive months of job gains came to an end, according to TD Economics. 🔹 The Bank of Canada recently raised its key interest rate by 0.25% to 4.75% due to strong economic data. 🔹 Inflation remains a concern, with the rate at 4.4% in April, higher than the central bank's target. 🔹 Economists suggest the central bank may proceed with another rate hike in July. 🔹 Despite the recent softening in the job market, more data is needed to influence rate decisions. 🔹 Wages continue to rise rapidly, potentially hindering efforts to stabilize prices. 🔹 The Bank of Canada has not yet made a decision regarding the July rate change. 💼 #JobMarket #UnemploymentRate #YouthEmployment #InterestRates #Inflation #Economy #BankofCanada #WageGrowth #RateHike #LaborMarket 💼 Stay informed with Canadahelpline! 🇨🇦📞🆘 #Canadahelpline #Updates #Students #canadadata

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Friday 09 June 2023 23:00:22 GMT