Canada: Jobs data to attract most attention next week – NBF

According to analysts at the National Bank of Canada, the Canadian economy created 15.000 jobs during May. The report will be released next Friday.

Key Quotes:

“May’s labour force survey will attract the most attention. Hiring intentions remained high among Canadian businesses according to the CFIB, hinting at a rebound in job creation after a weak showing in April. However, the lack of qualified candidates – the unemployment rate stands at a cyclical low of 5.9% – should put a lid on hiring.”

“All in all, we expect a +15K print, in line with the long term average for this indicator. That result should allow the unemployment rate to remain unchanged at 5.8%, assuming no major changes to the participation rate.”

“Housing starts may have totaled 225K in annualized terms in May, in line with the rise observed in building permit issuance. We’ll also get data on April’s merchandise trade balance. Both energy and non-energy exports may have expanded in the month, boosted by higher prices.”