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Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
OTTAWA — The Canadian job market stalled in June as the economy lost 1,400 jobs and the unemployment rate climbed to its highest level in more than two years, bolstering the case for further interest rate cuts by the Bank of Canada.
The Canadian labour market stalled last month, shedding 1,400 jobs.
U.S. employment increased solidly in June, but government and healthcare services hiring made up about three-quarters of the payrolls gain and the unemployment rate hit a 2-1/2-year high of 4.1%, pointing to a slackening labor market that keeps the Federal Reserve on course to start cutting interest rates soon. The Labor Department's closely watched employment report on Friday also showed the economy created 111,000 fewer jobs in April and May than previously estimated, suggesting the trend in payrolls growth was slowing. About 277,000 people joined the labor force, accounting for the increase in the jobless rate from 4.0% in May to the highest level since November 2021.
OTTAWA (Reuters) -Canada's unemployment rate rose to a 29-month high of 6.4%, data showed on Friday, highlighting that people might be losing jobs as the labor market struggles to absorb a rapidly swelling population. The jobs report, which also showed that youth unemployment reached almost a decade high barring the pandemic years, prompted money markets to increase bets of a rate cut by the Bank of Canada this month to around 56% from 40% a day earlier. Economists pointed out that the rising unemployment rate could be indicating that Canada is flirting with recession.
The June jobs report comes at a crucial moment as economists debate whether the US labor market is still normalizing to pre-pandemic levels or showing the early signs of a broader slowdown.
June's unemployment rate in Windsor is the highest in Canada, according to Statistics Canada.In its monthly labour force survey report, the agency said Windsor's unemployment rate came in at 9.1 per cent for June, up from 8.5 per cent in May.Calgary's unemployment is second highest in the country at 8.5 per cent.On a national level, the Canadian economy lost 1,400 jobs in June, pushing the unemployment rate to its highest level in more than two years. The overall unemployment rate rose 0.2 perce
The economy added 206,000 jobs in June despite high interest rates, inflation. Unemployment rose to 4.1%
Investors are looking to the June jobs report for signs of more softening in the labor market that could lay the ground for rate cuts.
Futures tied to Canada's main stock index climbed on Friday as gold and copper prices rose, while investors ...
TORONTO — Losses in the energy sector led Canada's main stock index lower on Friday, while U.S. stock markets rose to new records.
The Canadian economy was virtually unchanged in June, shedding 1,400 jobs, while unemployment rose 0.2 percentage points to 6.4 per cent, Statistics Canada said on Friday.Employment fell for young men between the ages of 15 and 24, with 13,000 jobs lost, while increasing for women aged 25 to 54 by 19,000 jobs.Fewer people worked in transportation and housing and public administration, while jobs were added to the food services and accommodation sector as well as the agriculture sector.Average ho
With job creation on Prince Edward Island stagnant over the last nine months, and the workforce continuing to grow with the population, the province's unemployment rate is rising.Statistics Canada released its June Labour Force Survey Friday morning. The unemployment rate was up almost a full percentage point, to 8.0 per cent.Employment on the Island increased through most of 2023, starting in January with 84,500 jobs and climbing to 92,100 in September.There have been some ups and downs since,
The June jobs report showed unemployment approaching a three-year high and raised the pressure on the Fed to act on rate cuts in September.
(Reuters) -Federal Reserve policymakers got more evidence of U.S. labor-market cooling on Friday that could boost their confidence they are winning their fight on inflation, and open the path to a more active debate on interest-rate cuts when they next meet in late July. The Labor Department report showing a rise in unemployment and a decline in job creation is just the latest in a string of recent data offering more evidence of slowing than what U.S. central bankers had in hand at their June meeting. Friday's job report did not show big cracks in the labor market - indeed, job gains in June, at 206,000, outpaced economists' expectations.
The latest employment data is expected to show that the U.S. job market is returning to normal, with fewer positions added last month—a positive message for anyone rooting for cuts to interest rates. The Bureau of Labor Statistics is slated to release the June jobs report at 8:30 a.m. Eastern on Friday. The consensus call among economists surveyed by FactSet is that employers added 189,500 jobs in June—a healthy pace, but a slowdown from the 272,000 positions the bureau reported companies added in May. Yet some are expecting a much softer report.
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The Vatican on Friday informed a Donald Trump-supporting archbishop that he is being excommunicated for refusing to recognize Pope Francis' authority after years of outspoken public attacks.Carlo Maria Vigano, an ultra-conservative who served as the Vatican’s diplomat to Washington, D.C. between 2011 and 2016, was formally accused last month of schism, which is one of the most serious offenses in canon law. Schism is “the refusal of submission to the Supreme Pontiff or of communion with the memb
LONDON—The Conservatives, the world’s winningest political party, were booted out of power in dramatic style on Thursday after 14 years of chaotic and divisive rule.The Labour Party had secured a landslide victory, ending an era of Conservative rule over Britain that stretches back to 2010; the year that the iPad and Instagram were launched and Lady Gaga wore that meat dress to the MTV music awards.In that time, the Conservatives have cycled through five leaders, each of them dragging the party
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