Canada’s employment data has little rival for the data spotlight and is expected to have grown around 15k full-time positions after almost twice as much in April, though near the three-month average of 19k, according to analysts at BBH.
Key Quotes
“A rise in the participation rate that is not offset by a commensurate increase in the unemployment rate would be understood as constructive. A favorable report would likely boost expectations for a July rate hike. Given the proximity to the Mexican election (July 1), barring a US withdrawal, NAFTA negotiations may have to resume later, and this may help ease the uncertainty sufficiently for the Bank of Canada to move.”
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