Heads up for CAD traders - jobs data from Canada due Friday

Author: Eamonn Sheridan | Category: News

July employment numbers coming up from Canada on Friday 9 August 2019, at 1230GMT

The two headlines are employment change
  • expected +15K, prior -2.2K
and the unemployment rate, 
  • expected 5.5%, prior 5.5%
Summary preview comments via Scotia:
  • year-to-date job creation in 2019 is well down the list of the best years since the inception of the Labour Force Survey in 1976
  • Even though it garners a low weight in the Bank of Canada's preferred wage growth metric-wage common-it will also be worth watching what the LFS says about wage growth
And, via TD:
  • goods-producing sector should provide the main engine for job growth
  • while manufacturing firms may be hesitant to add back workers given ongoing trade tensions, the recent strength of residential construction suggests last month's 7.5k decline should be short-lived
  • we look for details to show a rebound in part-time employment
  • an unchanged 5.5% unemployment rate
  • Wage growth should get more attention than usual 

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