TORONTO (Reuters) -Canada’s economy added 83,100 jobs in June, the first net increase since January, and the jobless rate edged down to 6.9%, Statistics Canada data showed on Friday.
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COMMENTARY
ADAM BUTTON, CHIEF CURRENCY ANALYST AT FOREXLIVE
“The Canadian jobs report isn’t quite as strong as it first appears but it’s certainly solid and it will sideline the Bank of Canada for several months at a minimum.”
“Given what’s happened this year, the Canadian economy is performing better than almost anyone thought it would be.”
ANDREW KELVIN, HEAD OF CANADIAN AND GLOBAL RATES STRATEGY AT TD SECURITIES
“It is one of these classic Canadian employment numbers insofar as the details tell a slightly different story than what the headline number tells.
But overall, 83,000 jobs, it is just a lot of jobs in the context of slowing population growth.”
“Just looking at the data… It suggests that perhaps there is a little bit more resilience in the economy than we had anticipated.
Manufacturing sector did add jobs in the month of June, but that comes on the heels of fourth consecutive month of job losses. You are going to see that sort of inherent volatility in an environment where trade relationships are uncertain.”
ROYCE MENDES, DIRECTOR & HEAD OF MACRO STRATEGY AT DESJARDINS
“The solid employment report has pushed our tacking for Q2 GDP growth up slightly, although it remains in a range of -0.5-0.0%.
With the unemployment rate still elevated, today’s labour market data won’t be the swing factor for the upcoming Bank of Canada rate decision. Next week’s CPI release will play a much more important role in determining whether central bankers resume monetary easing later this month.”
KATHERINE JUDGE, SENIOR ECONOMIST, CIBC CAPITAL MARKETS
“Canada’s labour market showed its resilience in June, with employment jumping by 83K, and the unemployment rate falling by a tick to 6.9%.”
“While the unemployment rate is still elevated, the strength in other measures in this report clearly diminishes the odds of a BoC (interest rate) cut in July.”
(Reporting by Fergal Smith and Nivedita Balu; Editing by Caroline Stauffer)
