Canada's April Employment Data Shows Significant Decline, Economist Says

Montreal Bank Capital Markets Chief Economist Doug Porter has described Canada's April employment data as 'quite poor.' According to Jin10, the total number of jobs decreased, with all sectors within the goods-producing industries experiencing job losses, and the unemployment rate further increased. Since the beginning of the year, Canada has lost 111,000 full-time positions. Porter stated, 'In an economy struggling to even take a step forward, it is difficult to understand why the market is still pricing in the possibility of more than one rate hike later this year.' He also noted that the slack in Canada's labor market is expanding.