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Notes from the Desk | North American Employment – Help Wanted? Nov 03 2023

Notes From The Desk: North American Employment – Help Wanted?

 

October saw a cooling in both temperatures and the North American labour market.

By the numbers.

Canada.

 

 

The US.

 

 

Implications.

Today’s data support the theory that both the Federal Reserve and the Bank of Canada are done with rate hikes.  The cooler job market also increases the odds of rate cuts being delivered earlier in 2024 than was previously anticipated.  This has led to a rally in bond markets, with rates down ~15 bps as of noon today.

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