Canada: Expect positive net job growth with consensus at 10,000 – Wells Fargo

Research Team at Wells Fargo, suggests that the Canada’s jobs report is quite volatile month to month while in June, Canada employment declined by a weaker-than-expected 700 jobs.

Key Quotes

“This came on the tails of a strong job gain of +13,800 in May. Much of June’s declines were in the goods-producing and manufacturing sectors, while the service sector added more than 45,000 jobs on the month. Year to date, Canadian jobs have had a total net gain twice in the past six months.

In that context, it is not surprising that the forecasts for July jobs report, which comes out Friday, are expecting positive net job growth with consensus at 10,000. Canada’s unemployment rate is expected to tick back up to 6.9 percent in July from 6.8 percent in June, nearing the 7.0 percent to 7.3 percent range seen during most of the past year.”