Interest rates headed higher after Canada's job gains blow past expectations via financialpost
“The surge in employment and rise in the labour force make this an incredibly positive print,” Toronto-Dominion Bank economist James Orlando’s said in a note to clients. “The fact that most of the gains were full-time positions in the private sector and spanned many industries further supports the robustness of today’s numbers.”Article contentHiring data are always important.
In response, policymakers pushed the benchmark lending rate by year-end to 4.25 per cent, an increase of four percentage points from March, representing the most aggressive series of interest-rate increases in the Bank of Canada’s history.Article content Full employment is a sign of strength, but it also suggests inflationary pressures are building. Average hourly wages were 5.1 per cent higher than in December 2021, the seventh consecutive month that wage gains exceeded five per cent, Statistics Canada said. That’s an unusually strong rate of wage growth, which the Bank of Canada will see as evidence of inflation, since wage demands tend to influence prices for goods and services.
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