Lenders starting to get nervous that jump in jobless rate could spark more defaults
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Credit risk monitors that have been keeping a close eye on loan performance in Canada as higher interest rates puts pressure on borrowers, say lenders are starting to get nervous.
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The jump in the unemployment rate and loss of jobs in March “is stoking unease about the short-run outlook for loan performance,” said Moody’s Analytics.
Canada lost over 2,000 jobs and the unemployment rate rose to 6.1 per cent last month, its highest level in two years — a surprise for economists, who had been…
