The unemployment rate in Newfoundland and Labrador jumped by about a percentage point last month, but it is still in rare territory. Although it’s still the highest in the country, unemployment is in the single digits at 9.9 per cent.

One of the next key economic indicators will be the setting of the central bank rate July 30. Most economists are predicting no change in the interest rate.

Larry Short of Short Financial, a division of iA Private Wealth, does not see the rate going down either.

He says one-year mortgage rates are significantly higher than five-year rates. He sees the same thing with the GIC with the long-term rate actually lower. Short notes that the Canadian dollar is doing well, inflation is not rising and employment is up.