Statistics Canada says job vacancies continued to fall in July
BNN Bloomberg
Statistics Canada says the number of job vacancies in July fell 5.8 per cent to their lowest level since May 2021.
The agency says the number of job vacancies fell declined by 43,100 to 701,300 in the month, continuing a steady downward trend since June last year.
On a year-over-year basis, Statistics Canada says the number of job vacancies was down by 28.1 per cent or 273,700.
The number of unfilled jobs in retail trade fell by 10,800, or 12.8 per cent, while the accommodation and food services sector saw a drop of 10,400, or 11.6 per cent.
A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
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Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.