Doug Porter, chief economist at BMO Capital Markets, said that Canada's labor market has gone from being considered tight to "quickly tilting in the other direction." June's employment data highlighted weaknesses such as a decline in full-time employment, fewer hours worked, and poor performance in most industries and regions. These weak economic reports may increase the likelihood of a rate cut by the Bank of Canada in July. However, Porter pointed out that a key issue that the Bank of Canada cannot ignore is strong wage growth.