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Canadian labor data expected to soften in June, TD says

TD Macro Research forecasts June employment to match market expectations for a 10k gain, with the unemployment rate steady at 6.6%.

Reported · Written up by our desk · Central Banks

TD Macro Research expects Canada’s labor market to cool in June, projecting employment to come in line with consensus for a 10k increase after May’s 87.8k surge, according to FXStreet.

The research also looks for the unemployment rate to remain steady at 6.6% and for wage growth for permanent workers to rise modestly to 3.6% year on year, only partly reversing May’s slowdown.

Markets are bracing for the June labor reading as part of the broader set of signals investors will use to gauge the outlook for Canadian policy expectations, FXStreet added.

FXStreet also noted the wider FX backdrop around other central bank and macro catalysts, but its specific Canada view centers on TD’s softening labor-market expectations for June.

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