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Canada: Tight labour market and a slowing economy - NBF

According to Matthieu Arseneau, analyst at National Bank Financial, the December jobs data for Canadian economy was essentially in line with expectations.

Key Quotes

“Some might argue that the details of the report were not impressive with full-time and private-sector jobs posting declines. However, it is worth noting that these losses follow huge gains in the prior month (+90K for full-time jobs and +79K for private jobs).”

“We now have the full picture for 2018 and the Canadian labour market generated 163K new jobs. This is the worst performance in three years but it’s a pace we should get used to in the context of a tight labour market and a slowing economy.”

“True, hiring plans continued to be widespread according to the Bank of Canada’s Business Outlook Survey published late in December. That being said, recall that this survey was conducted in November and financial conditions have deteriorated since that time. This could translate into some cautiousness among employers early in 2019.”

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