Jobs miss pushes Bank of Canada hike bets down to 35%
He attributed two-thirds of job losses over the past three months to workers aged 15 to 24.
On the public sector swing, he said payroll employees there rebounded by about 50k, then dismissed it with “yeah right,” saying he believes the rebound as much as he believed the 70k drop the prior month.
Thomas Ryan, senior North America economist at Capital Economics, told clients in a note carried by The Canadian Press that the data “adds to our conviction that the bank will hike rates no more than twice more as a precaution against upside inflation risks, before calling it a day.”
Andrew Grantham, senior economist at CIBC, said in a statement to Global News that “the recent trend in the labour market suggests that slack is opening up again in the economy and supports a hold at that time.”
In a separate interview with The Canadian Press, Grantham said the labour market shows “some weakness” outside trade-sensitive areas. Grantham called that a concern right now.
