🇨🇦 Canada Rate Decision Today
As the market expected, BoC hiked the rate by another 75 bps,
in an effort to bring down inflation further.
🟦 This brings the cumulative rate hike this year to 300 bps.
🟦 July inflation down to 7.6% Y/Y vs. 8.1% in June.
🟦 July average hourly wages: +5.2% Y/Y.
The strong employment market offers the cushion for a higher rate. The unemployment rate is still below the pre-pandemic level.
🟩 June # of job vacancies remains above 1.0 M
🟩 July jobs dropped slightly: -31, 000 or -0.2% M/M
🟩 July unemployment rate unchanged at 4.9% (vs. 5.7% in Feb 2020)
Consumer confidence slowly rebounds from the bottom.
🟧 Sept consumer confidence (Bloomberg-Nanos): +1.0 points M/M to 47.66
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