🇨🇦 Cable FX Macro Weekly Note: Canada June Labour Report

**As seen in Risk In The Weeek report 07/01/2022, subscribe at cablefxm.co.uk/reports

Canadian headline employment increased by 39.8K vs. the prior 15.3K, this came to top estimates of 27.5K. The unemployment rate ticked lower to 5.1%, the jobless rate has not been this low since 1976. Full-time jobs saw an increase of 135.4K, while part-time positions fell by 95.8K, permanent wage growth increased further to 4.5% Y/Y, the highest since January 2021. RBC economists stand on the lower side relative to consensus and expect an addition of 15K jobs, they note the figure is due to a supply of workers not to an easing of demand and do not expect this metric to slow down the BoC’s pace of tightening. RBC says wage growth is likely to rise again as companies compete for fewer available workers, consensus sees this figure rising to 5.4% Y/Y.