FX

Canada: It’s possible that hiring kept rolling in August – CIBC

Next Friday, the Canadian employment report will be released. Analyst at CIBC forecast a net gain of 50K, following the 94K increase in jobs in July. In the US there are no major data releases next week. 

Key Quotes: 

“Despite hundreds of thousands of jobs being created in the prior two months, it’s possible that hiring kept rolling in August. As of July, high contact services sectors were still operating below the levels of employment they were last summer. With vaccinations allowing for the return of Canada’s baseball team and other events in August, there seems to be room to see employment in those sectors rise further in next week’s report. While activity in other industries such as construction, manufacturing and wholesaling has slowed this summer, hiring had already fallen previously in those categories.”

“Canada didn’t see the same rise in Covid cases in August as the US. As a result, the economic toll of the fourth wave will likely be delayed a few months north of the border.”

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