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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.
CANADA DATA
- Employment was clearly stronger than expected in June at +60k (cons +20k) after -33k, and with a much more favourable full-time/part-time split of +110/-50k.
- The move was helped by a bounce back in 15-24 employment, with +30k after May’s -77k, but prime-age employment also increased a healthy +42k after +63k in May.
- However, a resurgence in labour supply (+114k) meant a higher-than-expected u/e rate. It printed 5.38% compared to consensus of 5.3 that had seen a decent skew to 5.2 and with only one analyst looking for 5.4%. It was the highest since Feb'22.
- The weakest spot of the report came from wage growth though, something the BoC is looking very closely at. The myriad of average hourly measures all slowed from 5.1% Y/Y in May, with total at 4.2% Y/Y, full-time at 4.1% Y/Y and the Bloomberg series of permanent at 3.9% Y/Y (cons 4.6%).
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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