London unemployment rate continues to sit below provincial average

London's overall unemployment rate continues to sit below provincial averages (Source: Statistics Canada)

The London region's unemployment rate dipped slightly in June. The jobless figure fell to 6.2 per cent last month - that's compared to 6.3 in May, but up from 4.7 in June of 2023.

According to Statistics Canada, the Canadian economy lost 1,400 jobs in June as the unemployment rate climbed to its highest level in more than two years.

Across Ontario, June’s unemployment rates sat at about 7 per cent, up from 5.7 per cent in June of last year.  

Presently, it's not clear how the Bank of Canada's next interest rate decision will be affected by today's jobs report.

T-D Bank managing director and senior economist Leslie Preston says financial markets have increased their odds the central bank will cut is key policy rate following the soft jobs report.

The next interest rate decision is set for July 24th.

- with files from The Canadian Press