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OTTAWA — Canada’s economy shed a net 2,200 jobs in June after two months of gains, but wages jumped by the most in more than a year – a sign of strength analysts said ruled out the chances of the Bank of Canada cutting interest rates next week.

Statistics Canada said on Friday that the unemployment rate edged up at 5.5% from a record low of 5.4% in May, reflecting the fact that more people were looking for work. Analysts in a Reuters poll had predicted a gain of 10,000 jobs and an unemployment rate of 5.5%.

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The average hourly wages for permanent employees – a figure closely watched by the central bank – jumped by 3.6% in June, the largest year-on-year gain since the 3.9% increase seen in May 2018.

June saw the creation of 24,100 full-time jobs but this was canceled out by a loss of 26,200 part-time positions. The Canadian economy created a record 106,500 jobs in April and added another 27,700 in May.

Friday’s release was the last in major economic statistics before the Bank of Canada’s next interest rate announcement on Wednesday.