1140 ET - Economists at Royal Bank of Canada expect Canada's unemployment rate to edge upward to 6.9% when labor-market data for December are issued late next week. "Canada's labor market likely continued to underperform a resilient U.S. one" in December, says economists at the bank. Canada's jobless rate shot upward in November, by 0.3 percentage point to 6.8%, as hiring by employers didn't keep pace with growth in the labor force. RBC believes aggressive rate cuts in H2 of 2024 will start to filter through to the broader economy and help stabilize the job market in 2025. And a scaleback in immigration intake should help slow the growth in the labor force. Still, slower hiring means the unemployment rate has yet to peak, RBC says. (paul.vieira@wsj.com, @paulvieira)
(END) Dow Jones Newswires
January 03, 2025 11:40 ET (16:40 GMT)
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