The unemployment rate increased to 5.4% in June, even though employers in the country continued to hire more people, as reported by Statistics Canada..The agency reported on Friday that Canada gained 60,000 jobs in the previous month, with 110,000 being full-time positions. This is the most significant increase in employment since January..StatsCan said the unemployment rate increased compared to the previous month because more people were actively searching for work..The unemployment rate has not been this high since February 2022..The unemployment rate increased for the first time in nine months in May, when it reached 5.2%..The Bank of Canada announces its next interest rate decision on Wednesday and the unemployment report is the last significant economic data released before the Bank makes a decision..The Bank of Canada wants to see more softening in the job market because they are focused on reducing inflation.
