Canada: Economy to add 15k jobs in October – TDS

Analysts at TDS are looking for the Canadian economy to add 15k jobs in October while strong underlying details should help to bolster the headline print.

Key Quotes

“We see scope for wage growth to rise further on the continued decline in labour market slack, though any increase should be at the margin. The unemployment rate is likely to hold at the current cycle low of 6.2% (6.172% unrounded) and the risks lean towards a further improvement to 6.1%. Meanwhile, the composition of job growth will likely skew towards private employment and we also see scope for a rebound in services. The full/part-time split is likely to favour the latter given the underperformance so far this year, but the last two reports have seen volatile swings in this category.”