The second-quarter income figures are in for Canada's four biggest banks. The Canadian Imperial Bank of Commerce saw a 321 per cent increase in net income to $1.7 billion. The Bank of Montreal had an 89 per cent increase to $1.3 billion. The Royal Bank of Canada saw a 166 per cent rise to $4 billion. The Toronto-Dominion had a 144 per cent gain to $3.7 billion.
Stats-Canada released its figures for May which also showed an increase -- in unemployment.
The economy lost 68,000 jobs in May, which was the second consecutive month jobs were lost; 207,000 were in April. Another increase is that 49,700 members of the working class got so discouraged they gave up looking for work. If one includes the latter then the unemployment rate would be 10.7.