Next Friday, the Canadian employment report will be released. Analysts at the CIBC Capital Markets, expected a net change in employment of 19K and a decline in the unemployment rate to 5.9% from 6.0%.
Key Quotes:
“According to the Labour Force Survey, employment gains have been hard to come by in 2018. But separately released payrolls data reveal a more positive view of hiring over the first five months of the year. We’ll side with the latter, expecting the Labour Force Survey to add to June’s employment gains with another healthy print, and continue closing the gap between the two surveys. Alongside a slight decrease in the participation rate, which bounced higher in the last release, the unemployment rate should tick back down to 5.9%.”
“Better readings on the headline employment numbers in this survey will support our revised call for another Bank of Canada rate hike in October.”
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