Posthaste: The odds of a Bank of Canada rate cut just rose based on this jobs measure, CIBC says

The odds of a Bank of Canada interest rate cut are now rising based on a different measure of Canada’s jobs market, CIBC says.

Employment contracted by 32,500 positions in June, according to Statistics Canada’s survey of employment, payrolls and hours (SEPH) for June released on Thursday morning. The odds of a Bank of Canada rate cut when policymakers meet on Sept. 17 have since risen to 50-50, Noah Buffam, an associate in fixed income, currency and commodities at CIBC Capital Markets, said in an email.