1 week ago ‘Grinding’ rise in unemployment rate means Bank of Canada will start cutting rates again

Here's what economists think the recent unemployment numbers mean for the Bank of Canada and future rate cuts

Culture

1 week ago Canada’s jobs market ‘treading water’ as unemployment rate rises to 7% in May

OTTAWA — Job growth has been virtually non-existent in the country since the start of the year, Statistics Canada said Friday. Canada’s jobless rate rose a tenth of a point to seven per cent in May amid a gain of 8,800 jobs in the month, the agency said in its latest labour force survey. That’s […]

Other

1 week ago Unemployment ‘little changed’ in May with slight rise to 7%: StatCan

Canada's job market held relatively steady in May, according to Statistics Canada, as the unemployment rate ticked up slightly to 7.0 per cent.

Other

1 week ago Unemployment rate rises to 7% in May as economy adds 8,800 jobs

OTTAWA — Statistics Canada says the unemployment rate ticked up for the third consecutive month in May as the economy added 8,800 jobs. The national jobless rate rose to 7% last month, up a tenth of a point from April. StatCan says that marks the highest unemployment rate since 2016 outside the pandemic years. The […]

Other

1 week ago Canada’s unemployment rate hits 7%, highest since 2016 outside the pandemic

Economy gains 8,800 jobs, more than economists expected

Science

3 w. ago Canadians are missing credit card payments at levels not seen in years

Amid soaring living costs, a growing unemployment rate, and economic uncertainty in Canada, more people have fallen behind on credit card payments this year.According to the latest report by Equifax Canada, 1.4 million people in Canada missed at least one credit payment in the first quarter, a level not seen since 2009."Our data shows card payment levels, especially for younger consumers, are starting to fall, indicating this spending slowdown is likely driven more by consumers trying to be prudent rather than switching from credit to debit for financing," said Rebecca Oakes, vice president of advanced analytics at Equifax Canada.On average, Canadians had $21,859 in non-mortgage debt in the first quarter, primarily due to auto loans, as buyers sought to lock in purchases before anticipated price hikes. People have also been more prudent with their spending — the average Canadian's monthly credit card spend dropped by $107, the lowest since March 2022."Despit...

Economics