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Labor Force Survey for July Preview -...>

CANADA DATA
CANADA DATA: Labor Force Survey for July Preview - 08:30 EDT
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- MNI Median +10k jobs vs. prior -2.2k, MNI Median 5.5% unemployment, prior 5.5%
and record low 5.4%.
- Key to watch is wage growth. June's +3.6% YOY gain for permanent workers was
fastest since May 2018...
- ... and secondary labor report on payroll data showed +3.4% YOY gain for May.
- Stronger wages could build case that BOC doesn't need to cut interest rates to
keep inflation at 2% target even amid trade risks.
- June unemployment rate was boosted by +30.5k gain in labor force, if that
fades jobless rate could fall back to record low.
- Downside risk is for another surprise decline in jobs, Canada hasn't reported
back-to-back losses in years.

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