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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.
CANADA
- The Canadian labour market report for July lands tomorrow with consensus for a solid 25k increase in employment. However, stronger labour force growth on the back of booming immigration is nevertheless expected to see the unemployment rate tick up a tenth to 5.5%.
- It would still suggest the labour market is tight, although mark a 0.6pp increase from the multi-decade low of 4.9% in Jul’22, in contrast to the US where the expected 3.6% unemployment rate would only be 0.2pps off multi-decade lows of 3.4% from as recently as April.
- Participation rates should again get some attention, with consensus for no change at 65.7% after a 0.2pp increase in June.
- It’s a level that it has repeatedly failed to push much higher from in the post-pandemic period despite strong immigration flows, and especially temporary flows more recently which would presumably be more likely tied to work placements.
- The prime-age cohort has driven the bulk of the recovery in participation post-pandemic, with the 55+ category continuing to lag at some 1.5pps below pre-pandemic levels. Until this latter group is tempted back to the workforce, additional labour supply appears tied to immigration-led population growth rather than a further change in working preferences.
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.
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