MNI BRIEF: Output Gap Shut, Wage Growth Too Fast - BOE Greene

BRIEF: EU-Mercosur Deal In Final Negotiations - EC

MNI BRIEF: Limited Economic Impact Of French Crisis - EC

MNI China Daily Summary: Thursday, Dec 5

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

US EIA:NAT GAS STORAGE -30 BCF TO 3,937 BCF NOV 29 WK

MNI: CANADIAN OCT TRADE BALANCE CAD -0.9 BILLION

MNI: US OCT TRADE GAP -$73.8B VS SEP -$83.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Local Analysts On Employment Report

CANADA
  • BMO: The headline was clearly weak, but the details weren't nearly as soft. Still, while all the losses were among youth, the higher jobless rate suggests the labour market loosened a touch. We'll still get another jobs report before the July meeting, so the BoC will likely take this mixed report in stride and wait for more data.
  • RBC: It is highly unlikely that the BoC chose to interrupt the pause in interest rates that started in January for just the one additional 25bp hike announced earlier this week. One softer employment report doesn't make a new trend, and labour markets are still exceptionally tight from a historical perspective. It will probably take more downside surprises to upend plans for another rate hike in July.
  • Scotia: While a pop higher would have been nicer, markets got their initial reaction to this report all wrong. The underlying details were much stronger than the headline’s reported decline of 17k jobs during May and a slight rise in the u/e rate (including strong prime age jobs growth and wages of permanent employees up by 4.5% m/m at a seasonally adjusted and annualized rate).
  • TD: The BoC couldn't have seen this coming when hiked 25bps on Wed on the grounds that economic/labour market growth was exhibiting stronger momentum than the Bank was anticipating. While one weak labour market report doesn't make a trend, the BoC will be closely watching to see if other cracks start to form.
HomepageBulletMarketsFixed Income BulletsForeign Exchange BulletsCanada Bank of Canada Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.