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CAD Employment Report Ahead - 0830ET

CANADA
  • Back to coinciding with US payrolls, the CAD employment report is seen with a 20k jobs gain in April after last month’s stronger than expected 35k.
  • If accurate and barring potentially large revisions, it would leave a 3-mth average at 26k in a run of surprisingly resilient jobs growth in no payback after an incredibly strong 150k in Jan.
  • Population and labour force growth has mostly kept up with this recent strength, which limited the decline in the u/e rate to 5.0% in March, although that was just 0.1pps off July's series low. The u/e rate is seen ticking up to 5.1% in April for the highest since Nov.
  • The PSAC strike started too late in the month to have impacted the survey week.
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