The Canadian economy added significantly more jobs than expected in June

Statistics Canada data showed that the Canadian economy added 59,900 jobs in June, the most jobs since January and above expectations of 20,000 jobs in June.

The unemployment rate rose in June for the second month in a row, to 5.4% in June compared to 5.2% in May, the highest level since February 2022, and the average hourly earnings increased by 3.9% in June compared to the same period last year. The Bank of Canada raised interest rates to a 22-year high of 4.75% last month on concerns about flat inflation and said further moves would depend on the latest economic figures.