(Finance) – Unemployment in Canada declines in June. As reported by the national statistics office, the jobless rate shows a drop to 4.9% against the 5.1% expected by analysts and against a reading unchanged compared to May (5.2% in April).
The figure has consolidated at its lowest levels since the current statistics began to be processed in 1976.
Last month, the Central bank of the country, raised interest rates by 50 basis points. The cost of money thus went from 1% to 1.5%, the interbank rate rose to 1.75% and that on deposits to 1.5%. The decision was made in an attempt to curb runaway inflation, which peaked at 6.8% and is set to rise again.
The Canadian central bank also said it was ready to act “more forcefully if necessary” in an attempt to bring inflation back into line with the 2% target.