• Notes From The Desk | Canadian Jobs - Strike 3?

Notes From The Desk | Canadian Jobs – Strike 3? Sept 09 2022

Notes From the Desk – Canadian Jobs – Strike 3?

Today’s 40k decline in jobs makes it three declines in a row.  The unemployment rate moved up from 4.9% to 5.4%

Seasonal adjustments added to the confusion with a nearly 50k decline in education workers.

A 28k decline in construction jobs suggests higher rates are having an impact on real estate.

YoY wage growth remains strong at 5.6%

 

Implications.

Today’s number is unlikely to prevent the Bank of Canada from hiking in October; however, it does suggest that we are nearing levels where the Bank could pause and wait to assess the impact of previous rate hikes.   As a result, yields ought to remain close to recent levels, and we expect little impact on credit.

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