The Canadian economy unexpectedly shed jobs in May as hiring declined in manufacturing and construction, although wages rose at their strongest annual pace in nearly six years, which could give the central bank room to raise interest rates as soon as July.

Jobs declined by 7.5k in May, in contrast with market forecasts for a gain of 17.5k jobs. The unemployment rate held steady at 5.8%, as expected.

But average hourly wages rose 3.9% from a year earlier, matching a pace last seen in July 2012. The Bank of Canada has said it is closely watching income growth as it considers further interest rates increases.

The Bank of Canada laid the groundwork last week for more interest rate hikes, bolstering expectations the central bank will move as early as its next meeting in July.

Markets see 74% odds of a hike next month, which would be the bank's fourth increase in the past year. The Canadian dollar weakened against the greenback immediately after the data.

The decline in jobs was driven by a 31k drop in full-time positions, while part-time work rose by 23.6k. On a sector basis, goods-producing industries led the way down, with an 18.3k decline in manufacturing jobs and a 13k drop in construction.

The decline in construction jobs also comes as the country's once-hot housing market has cooled in recent months in response to rising interest rates and tighter mortgage rules that came into effect in January.

Indeed, separate data showed ground breaking on new homes cooled in May. The seasonally adjusted annual rate of housing starts fell to 195,613 units from a revised 216,775 units in April, the Canada Mortgage and Housing Corporation said. is an independent macroeconomic consultancy with thousands of subscribers all over the world. We provide fundamental research to help our clients make better investing decisions. Our subscribers should expect to get access to:

1Trading ideas (entry, take profit, stop loss)


Precious metals: GOLD, SILVER


Commodities: WTI OIL

This is a sample publication:

* only forex and precious metals - position size suggested for a USD 10,000 trading account in mini lots. You can calculate your position size as follows: (your account size in USD / 10,000 USD) * (our position size). It is recommended to round the result down. For example, if the result was 2.671, your position size should be 2 mini lots.

2Investment Clock - great quantitative tool for investors

Different asset classes sectors tend to perform better than others at different phases of the economic cycle. We estimate current phase of the economic cycle and the Investment Clock shows which asset classes have historically outperformed in current phase of the economic cycle according to our research.

3Essential market news, technical and fundamental analysis, reviews of central bank decisions

We provide you regular commentaries on important economic and market issues and events, previews and forecasts of forthcoming data releases resulting from our knowledge, experience and quantitative tools.

4Last but not least

We describe fundamental factors, discuss recent changes in trends, resort to numerous quantitative tools and much more. You are able to take a close look at how we come to our conclusions and decide whether you share our current opinion regarding the market, but at the end of the day, it is you who decides what to do with your capital. That is why we strongly recommend you to conduct your own research and always rely on common sense – nobody knows what might work out for you just as you do.




You can cancel at any time




per month: $39.90
You can cancel at any time




per month: $19.90
You can cancel at any time

VAT tax will be added for EU individuals.

Cron Job Starts