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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
- Canadian wage growth will no doubt also be watched closely in today’s January report.
- Bloomberg consensus sees permanent employees hourly wage growth of ease to 5.3% Y/Y from 5.7% Y/Y, the latter having surprised firmly higher last month with a then consensus of 5.0.
- Surveyed wage growth expectations have been cooling over the past year, including the BoC’s BOS year-ahead figure most recently easing from 4.3% to 4.1% in Q4 in a step closer to the survey’s historical average of 3.2%.
- Realized wage growth is moving the other way though, with that permanent employee figure of 5.7% Y/Y and all employee wages 5.4% Y/Y both breaking out of the 4-5% range regularly flagged by the BoC as a sign of stubbornly fast wage growth.
- This comes against a backdrop of particularly poor Canadian productivity growth, -2.5% Y/Y and still tracking -3% annualized in Q3 (we only get Q4 on Mar 6). That’s in contrast to US productivity growth of 2.7% Y/Y in Q4 and tracking an average 4% annualized in 2H23.
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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