OTTAWA, May 10 - Canada's economy added five times the number of jobs that were forecast for April and the unemployment rate unexpectedly held at 6.1%, data showed on Friday, dampening market bets for a June rate cut.
Analysts said the data might prompt the Bank of Canada to think twice about when to start cutting rates from their current 23-year-high of 5%. "It's not quite the clear cut story for the Bank of Canada that the headline job number would suggest. It would definitely give the bank pause if they were leaning to cut but I still think the real heavyweight indicator here is the next inflation reading ," he said by phone.
"That makes it more likely the Bank will wait until the late July meeting to cut interest rates, as there are three reports ahead of that meeting but just one before the early June meeting," he said in a note.
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