David Rosenberg: Surprise Job Gains in Canada Conceal Economic Rot Underneath

David Rosenberg: Surprise job gains in Canada conceal economic rot underneath

Bank of Canada needs to cut rates after the latest jobs reports showed serious decay in labour market, says David Rosenberg.

We Got No Jobs

Happy Monday Morning! It was a tough week for mortgage shoppers in Canada. The Bank of Canada held rates for the second consecutive meeting. BoC’s Macklem emphasized a wait and see approach, noting, “The Bank’s preferred measures of core inflation as well as other measures of underlying inflation moved up in April. We will be […]

US data remains in focus with US CPI coming up - Monex Canada

CAD Perhaps a little overlooked last week, but Friday’s Canadian labour market data provided stronger than expected. Net change in employment grew by 8.8k in May, against expectations for payrolls to fall -10k last month. Wage growth also delivered a beat, with the hourly wage rate of permanent employees rising 3.5% YoY, 0.3pp above consensus. Granted, it was not all good news, with unemployment hitting 7.0% as expected. But the BoC will likely …