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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
- Friday sees the December jobs report in its customary release alongside US payrolls.
- Consensus sees jobs growth of +15k after +25k, although it currently doesn’t include either CIBC or RBC looking for 10k increases.
- There is a range of -10k (Citi with the outlier) to +28k, whilst analysts from the Big Six local banks range from 10-25k with a median 11k.
- It’s worth watching to what extent full-time employment pulls back after a particularly strong +60k in Nov.
- Other details are seen as being mixed, with the unemployment rate pushing higher again to 5.9% from 5.76% in Nov (and from 5% as recently as April) but hourly wage growth for permanent employees accelerating from 5.05% to 5.4% Y/Y.
- The latter is partly a base effect after -0.1% M/M in Dec’22, and notably comes from just three estimates. Nevertheless, if accurate it would make poor optics for the BoC, marking joint highs since Jan 2021 despite a continuation of the uptrend in the unemployment rate.
Latest developments as of November:
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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