Bank of Canada Expected to Raise Rates Next Week, Despite Rise in Unemployment Rate

A "Now Hiring" sign is displayed on a business in Montreal on May 30, 2023. The Canadian Press/Christinne Muschi

The Canadian labour market is showing some signs of softening as the unemployment rate rises and wage growth slows, but with another solid job gain last month, forecasters are still expecting a rate hike next week.

Statistics Canada reported Friday the economy added 60,000 jobs in June, driven by gains in full-time work.