With new monthly data showing continued strength in Canada’s labour market, one economist said he thinks the Bank of Canada will focus more on forward-looking data in its rate decision next week.
Derek Burleton, deputy chief economist at TD Bank, said the consecutive months of hefty jobs gains have been “incredible,” particularly given the past year of central interest rate hikes by the Bank of Canada in its fight to bring down inflation.
“I would imagine when we look to the Bank of Canada next week that they're going to put more weight on their forward-looking sentiment data,” Burleton told BNN Bloomberg in a television interview on Thursday. The central bank held its key overnight rate at 4.5 per cent last month, after a year of consecutive increases from 0.25 per cent in March 2022.
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