DIRS.INFO The most relevant business & tech news

☆ Canada posts blowout job gain in October, unemployment rate unchanged
▼ + stars: | 2022-11-04 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

[1/2] A help wanted sign at a store along Queen Street West in Toronto Ontario, Canada June 10, 2022. The economy added a net 108,300 jobs last month, easily beating forecasts for 10,000 new jobs, while the jobless rate was unchanged at 5.2%. The blowout gain was entirely in full-time work, spread across both the goods and services sectors. The Bank of Canada raised its policy rate by 50 basis points to 3.75% last week and said while more increases would still be needed, it was nearing the end of its tightening campaign. The core-age unemployment rate stands at 4.2%, slightly above July's record low, but in a historically tight range last seen in the 1970s.

The European common currency rose as high as$1.0048, the highest since Sept. 20, and was last up 0.5% at $1.0019. At 10:35 a.m. EDT (1435 GMT), the dollar was down 0.595% at 110.28 against a basket of six peer currencies. Fed officials have begun sounding out their desire to slow the pace of increases soon, according to a Wall Street Journal report on Friday that caused markets to reprice. The aggressive pace of Fed tightening this year, aimed at taming stubbornly high inflation, has turbo-charged the dollar. The dollar slumped more than 1.3% against China's offshore yuan , while the onshore yuan finished the domestic trading session at 7.1825 per dollar, the strongest close since Oct. 12.

☆ Canada recession may be ‘necessary evil’ as central bank queues big hike
▼ + stars: | 2022-10-20 | by ( Julie Gordon | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterThat may be just what the central bank is looking for, said analysts. Inflation in Canada edged down to 6.9% in September, below June's peak of 8.1%, though still well above the Bank of Canada's 2% target. A majority of Canadian firms, meanwhile, think a recession is now likely in the next 12 months, a Bank of Canada survey showed this week. This means the central bank will not start cutting rates until inflation is "within shouting distance" of the 1-3% control range, he said. "I don't think they necessarily are aiming for a recession," said Andrew Kelvin, chief Canada strategist at TD Securities.

☆ Canada's inflation beat boosts chances for 75-bp rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

Canadian inflation edged down to 6.9% in September, a notch ahead of forecasts of 6.8% and down from 7.0% in August. "So I think it keeps the Bank of Canada on track to deliver another so-called supersized hike." The Bank of Canada is widely expected to raise its policy rate at its next decision on Oct. 26. "I think that the Bank of Canada should hike by 75 (bp) next week," he added. On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat.

Search resuls for: "DEREK HOLT"

4 mentions found