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Stock Market Stumbles Post-Christmas as Investors Eye Jobs Data

                                                  U.S. stock futures fell Thursday as trading resumed after the Christmas holiday, with Wall Street bracing for the release of weekly jobless claims data. Futures tied to the S&P 500 and Nasdaq declined by 0.3%, while Dow Jones Industrial Average futures dropped 0.4%. The market's struggle to extend the "Santa Claus rally" saw major indexes like the S&P 500 and Nasdaq nearing record highs after recovering from a Fed-fueled dip last week. Investors are now keenly awaiting the jobless claims report, which has taken on greater significance in the absence of other economic data this week.
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Canada’s Labor Market Adds 27,000 Jobs in May, Unemployment Edges Up to 6.2%


Canada’s economy saw a net increase of 26,700 jobs in May, according to Statistics Canada. However, the unemployment rate also ticked up to 6.2 per cent. Here are the details:

Key Points:

  • Job Growth: The increase in jobs was primarily driven by part-time employment, which surged by 62,000 positions. Unfortunately, full-time jobs declined by 36,000 during the same period.
  • Unemployment Rate: The uptick in the unemployment rate reflects the challenge of keeping pace with Canada’s population growth. Despite the modest job gains, the rate rose by a tenth of a percentage point.
  • Wage Growth: Average hourly earnings increased by 5.1 per cent year-over-year, catching the attention of the Bank of Canada. However, officials believe this strength is partly due to wages adjusting for consumer prices.
  • Central Bank’s Stance: The Bank of Canada recently cut interest rates for the first time in over four years, bringing the benchmark rate to 4.75 per cent. The central bank remains vigilant about inflation trends and will decide on further rate adjustments in July.

Outlook: While the rising unemployment rate may prompt further rate cuts, policymakers are closely monitoring economic conditions. Expectations for a rate cut at the Bank of Canada’s next meeting are now less certain.



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