Weekly Economic Update

For the week of May 14 – 18.

April’s net change in employment positions declined by 1.1K, compared to expectations of a 20.0K increase. Details show that part-time positions fell by 30.0K, while more desirable full-time jobs rose by 28.8K (higher than was expected). Despite the slight drop in jobs, Canada’s unemployment rate remained at 5.8 percent. Hourly wage figures in Canada were up by 3.6 percent on a year-over-year basis. Losses were primarily focused in the construction industry.

It will be a relatively busy week for data in Canada and the United States. Canadian data releases this week will include manufacturing sales, international securities transactions, retail sales and consumer prices. In the United States we will see data released for empire manufacturing, retail sales, housing starts, building permits and others.

The Canadian dollar gave back all of its early morning strength against the US dollar upon the release of disappointing employment data. The Loonie ended the day down 0.27 percent against the US dollar. Today’s expected range is 1.2712 – 1.2812.

Source: Bloomberg

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