StatCan to release July jobs report as economists expect more labour market weakness

Statistics Canada is set to release its July labour force survey today.

The unemployment rate has been steadily climbing over the last year as high interest rates send a chill through the Canadian economy.

In June, the unemployment rate rose to 6.4 per cent.

RBC expects it ticked higher again to 6.5 per cent last month.

The Bank of Canada cut its key interest rate for a second time in a row last month and has signalled it wants economic growth to pick up speed again.

The central bank’s summary of deliberations released Wednesday revealed that some members of its governing council are concerned weak job market conditions could hinder that process.

This report by The Canadian Press was first published Aug. 9, 2024.