By Ketki Saxena
Investing.com -- The TSX reversed course by afternoon trading to track Wall Street higher, as US job data revealed the labor market remains robust despite slower growth rates in June.
The United States experienced lesser than anticipated job growth in June. However, despite this slowdown, the employment landscape remained solid with steady wage increases and unemployment figures retreating from their seven-month peak.
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Peter Kukielski, Chief Executive Officer at Hudbay Minerals (TSX:HBM), expressed that Hudbay remains open to acquisition proposals - provided that they were offered at an appropriate price point.
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Statistics Canada reported an increase in employment by 60,000 positions in June. These gains primarily came from full-time roles. However, the unemployment rate rose to 5.4%.
Canadian economic activity demonstrated signs of slowing down, with the IVEY PMI (Purchasing Managers' Index) showing a 50.2 reding for June - lower than May’s figure of 53.5 and below last year’s same period reading of 53.8. A reading under 50 suggests contraction within industries.