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Global Markets: Canadian economy added 27,000 jobs in May

By MarketsFarm

WINNIPEG, June 7 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– A recent report from Statistics Canada detailed the Canadian economy created 27,000 jobs in May, beating out economists’ expectations of 5,000. The unemployment rate was just 5.4 per cent, which is the lowest on record since 1976. “Today’s labour market reading continues to the string of healthy data releases and reinforces our view that second quarter growth will outstrip the Bank of Canada’s published forecast,” said Royce Mendes, senior economist at CIBC, in a research note to Yahoo Finance.

– The United States added 75,000 jobs in May, under-performing as economists predicted the economy to add closer to 175,000 jobs. The unemployment rate, however, remained at a nearly 50-year low of 3.6 per cent. Experts speculate this slow job growth makes it likelier that the U.S. Federal Reserve will cut interest rates in months to come.

– Canadian Prime Minister Justin Trudeau has voiced concerns that China may block imports of other Canadian products, following the country’s ongoing rejection of Canadian canola. China has increased their inspections of Canadian pork in recent days. “When it comes to China, obviously, our top concern is the release of Canadians who are detained in an arbitrary way by the Chinese for political reasons,” Trudeau said in French from Normandy, according to Bloomberg. “We are also concerned by their actions on canola and the potential of other actions on other products. We will see if it’s appropriate or desirable to have a conversation directly with the Chinese president.”

– The U.S. and Mexico resumed talks on trade and immigration today in Washington. Mexican officials are trying to avoid U.S. tariffs, set to take place next week. Mexico has sent 6,000 members of the National Guard to its southern border, according to reports.

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