Beyond the headline number, Statistics Canada reported that 50,000 jobs shifted from part-time to full-time roles, and wages increased 4.2 per cent from the previous year. The unemployment rate ticked up 0.2 percentage points to 5.4 per cent, as more people actively looked for work, which the agency noted is still lower than it was before the COVID-19 pandemic. (The Logic)

Talking point: The Bank of Canada is scheduled to update its key interest rate on July 12, and has signalled that the strength of the labour market and wage hikes are two important factors in its governing council’s thinking on whether high interest rates are doing enough to fight inflation. The bank raised its rate a quarter-point last month after pausing hikes for two cycles, amid worries that the cost of labour is going up because employers are chasing too few workers, not because those workers are generating more wealth through increased productivity.