Statistics Canada set to release May jobs report after BoC rate cut – National

Statistics Canada is set to release its May labour force survey Friday morning.

RBC expects the unemployment rate ticked up to 6.2 per cent and the economy added a modest 15,000 jobs last month.

The report is the first major data release following the Bank of Canada’s interest rate cut on Wednesday.

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The Canadian job market has softened over the last year as high interest rates weigh on businesses.

The unemployment rate was 6.1 per cent in April, a full percentage point higher than it was a year ago.

The job market is expected to remain weak in the coming months, even as the Bank of Canada continues to lower interest rates.