Canadian Unemployment Rate Hits 6.4%, Summer Jobs Scarce

In June, Canada's economy remained steady with a loss of 1,400 jobs, pushing the unemployment rate up to 6.4%. Statistics Canada's report highlighted ongoing challenges, with 1.4 million people unemployed. Sectors like transportation and public administration saw declines, while food services and agriculture added jobs. Average hourly wages rose by 5.4% from last year. Economists, including BMO's Douglas Porter, suggest the softer job market may influence a Bank of Canada rate cut, despite sticky wage increases.