Forex▲ Bullish
Canada's Labour Market Stabilizing: July Jobs Seen at 5,000
Economists expect Canada's job market to add 5,000 positions in July with the unemployment rate at 6.5%. Hiring demand has stabilized despite trade uncertainty, the note said.
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Canada's labour market is expected to add 5,000 jobs in July, with the unemployment rate holding at 6.5%, according to a research note previewing next Friday's release.
The report marks the first labour market data for the third quarter. Employment gains in May and June followed a peak unemployment rate of 6.9% in April. Holding at 6.5% would leave the rate 0.4 percentage points below its year-ago level. The note said that is consistent with per-worker conditions broadly improving. Population growth is slowing.
Recent indicators, including job postings, have changed little heading into July, suggesting hiring demand has stabilized despite ongoing trade uncertainty, the note said.
The composition of employment and wage growth will also matter. June's increase was driven primarily by part-time jobs. Full-time positions saw a more modest gain. Average hourly wage growth picked up slightly in June after slowing sharply in May. Economists expect it to continue drifting lower as labour market slack remains high by historical standards.