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CANADA DATA: Employment Insurance Up 2nd Month In a Row In June And +10% YOY

CANADA DATA
  • Employment insurance recipients in June +1.3% MOM to 474K, rising for the second straight month after holding steady from September to April.
  • YOY recipients +10% led by natural and applied sciences and manufacturing and utilities.  
  • The headline job report (Labour Force Survey) had shown hiring stalled in June and July, unemployment rate has been rising over the last year. 
  • BOC has said it sees signs of cooling in job market and in wage gains that remain elevated; economists point to job market as reason to keep cutting rates.

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