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Canada April Payroll Wage Growth Slows To 3.7%, Employment -0.1%

CANADA DATA
  • April Payroll Employment -0.1% MOM or -23K, the first decrease after 3 prior gains, Statistics Canada says Thurs.
  • Average weekly earnings unchanged MOM for a 3rd consecutive month; +3.7% YOY after +4.1% in March. The BoC has said wage pressures are easing with indicators moving below 4% from the peak of 6%.
  • Average weekly hours little changed MOM, +0.9% YOY.
  • Job vacancies -5.3% MOM, the third decline in a row. The BoC says job vacancies falling without large shifts in unemployment is a sign the labour market has returned to pre-pandemic levels which align with full employment.
  • The May labour force survey pointed to modest job growth while unemployment ticked up to 6.2%.
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