Canadian jobs data from ADP
- Prior was 2.9K (revised to +27.8K)
- Construction -5.6K
- Trade, transport and utilities -7.9K
- Finance and real estate -4.3K
- Manufacturing +1.8K
The "decline likely reflects the impact of regulations on mortgage financing and a slowdown in consumer spending," said ADP Research Institute co-head Ahu Yildirmax.
This report is starting to get some traction but it's hard to take it seriously with that massive revision to the prior.
Separately, Statistics Canada reported that the number of employment insurance beneficiaries were flat m/m in May at 454K, which is down 15% y/y. Initial claims were down 0.1% m/m