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The Bank of Canada said, "information received since the Bank's April Monetary Policy Report (MPR) is broadly consistent with the Bank's medium-term outlook for output and inflation in Canada."

"The economy is undergoing major restructuring in a number of sectors. The already significant output gap will continue to widen through the third quarter, putting downward pressure on inflation. The Bank continues to expect that the global and Canadian recoveries will be more muted than usual."

Conditional on the outlook for inflation, the bank said "the target overnight rate can be expected to remain at the current level until the end of the second quarter of 2010 in order to achieve the inflation target."

Source: Bank of Canada

The International Capital Market Association (ICMA) announces the appointments of Martin Scheck as Chief Executive and René Karsenti as President, effective August 1, 2009. This combination strengthens ICMA’s focus on the development of the standard market practices which are an essential part of creating more integrated capital markets.

Mr. Scheck will lead ICMA’s activities in promoting the development and efficient functioning of the international capital market. He has been a Board member of ICMA since 2004 and is the Chairman of its Audit, Compliance and Governance Committee. He joins the Association from UBS AG, Zurich, where he is currently Managing Director and Head of Swiss Fixed Income since 2001.

René Karsenti who has held the post of Executive President since May 2006 will become President of the Association, with primary responsibilities to represent ICMA’s interests in its interaction with governments, regulatory bodies, other trade associations and international organisations together with Mr. Scheck.

Hans-Joerg Rudloff, ICMA’s Chairman, said: “These appointments represent a considerable strengthening of ICMA’s executive management and enhance its services to its membership and the market. Martin Scheck has the skills and experience to deliver further improved operational efficiency. ICMA will also benefit further from René Karsenti’s knowledge, expertise and established relationships.”

The announcement was made at the Association’s AGM in Montreux after the membership confirmed the Association’s mission and objectives as a self regulatory organisation and trade body.

The number of unemployed persons increased by 787,000 to 14.5 million in May, bringing the unemployment rate to 9.4%. Over 7 million jobs have been lost since the start of the recession.

Job losses were wide spread but the rate of decline moderated in most industries. Major highlights among the industries showed manufacturing jobs fell by 156,000 in May, Construction by 59,000, half of the average monthly loss; professional and business services declined 51,000, compared to an average loss of 136,000, while leisure and hospitality was flat over the month, compared to an average monthly loss of 39,000 over the past 6 months.