Canada: Unemployment rate may rise to 8.7%

Canada’s June unemployment rate will be released on Friday July 10th. The unemployment rate is expected to rise 0.3% to 8.7% with employment growth at -35k compared to -41k last month. Canada is experiencing its worst recession since 1982. The Canadian economy contracted by 5.1% in Q1 2009 and the unemployment rate rose to an eleven year high at 8.4% in May. Canada has lost a total of 363k jobs since last October. In response to weakening Canadian economy and rising unemployment the Bank of