CANADA ECONOMICS: RBC Previews Jobs Friday
RBC says Canadian job growth is projected to remain modest in October rising only 12.0K which is little changed from the 11.9K increase recorded in September. The underlying pace of GDP growth in the economy, though modest, would argue in its view for slightly greater strength in hiring in October than was evident in September, it says. However, it adds, it is assuming that uncertainty surrounding fiscal discussions in Washington and the attendant downward impact on U.S. growth may have contributed to some cautiousness among hiring by Canadian firms. Continued modest employment gains plus a retracement of the 25.1k drop in the labour force in September is also expected to send the October unemployment rate back up to 7.0% after dropping to 6.9% in September from 7.1% in August.