Previous Trading Days Events 08.08.2024

Canada added a net 7K jobs in February, double the expected gain as data showed on Friday, while wage growth slowed for a second consecutive month. However, the unemployment rate ticked up to 5.8.

There is still evidence from todays data that labour market conditions are loosening, but only very gradually and not in a way that demands an imminent reduction in interest rates, said Andrew Grantham, a senior economist with CIBC Capital Markets, adding he expects the first rate cut in June.

The Bank of Canada on Wednesday said it was too early to consider lowering borrowing rates. It has kept its key overnight rate unchanged at 5 at the past five policysetting meetings.

Wage growth, which had been running at 4 or 5 theres certainly some early signs that its beginning to ease, Governor Tiff Macklem told a news conference on Wednesday, adding that it was still not enough to warrant an early rate cut.

Source httpswww.reuters.comsustainabilitysustainablefinancereportingcanadagainsmorejobsthanexpectedfebwagegrowthslows20240308

The most important news of the month NFP report on Friday showed that U.S. job growth accelerated in February but with a rise in the unemployment rate and moderation in wage gains.

Nonfarm payrolls increased by 275K jobs last month beating expectations. Data for January was revised down to show 229,000 jobs created instead of 353,000 as previously reported.

The immediate takeaway is the focus on the…