Australian shares are set to open higher after the S&P 500 hit a record. The $A has rebounded, oil has extended its rally and the US 10-year yield has plunged.
A year into the pandemic, Canada's national statistics agency is updating how it measures inflation, using new types of data for the first time as it bets on what lockdown spending shifts will prevail even as life returns more to normal.
By Syndicated Content
By Julie Gordon
OTTAWA (Reuters) – Canada lost more jobs than expected in May amid continued lockdowns to curb a harsh third wave of COVID-19, data showed on Friday, but economists were quick to predict a rush of hiring in June as those restrictions ease.
Some 68,000 jobs were lost in May, Statistics Canada said, more than the average analyst forecast for a loss of 20,000. The unemployment rate climbed to 8.2%, in line with expectations. Employment is now 3% below pre-pandemic levels, Statscan said.
“I am hopeful that this is the last down-print we have before we release a fury of hiring activity starting in June,” said Derek Holt, vice president of Capital Market Economics at Scotiabank.
Canada's trailblazing central bank is likely to cut its bond-buying program again this year, possibly as soon as July, as provinces ease curbs to contain the coronavirus pandemic and inflation pressures build, analysts said.