Despite some economic resilience, Canada’s unemployment rate hit 7 per cent as the damage from tariffs and trade uncertainty permeates the labour market. … READ MORE >
Economics
U.S. job creation continues to cool as tariffs begin to take hold
Job creation continued to cool in May as the economy created 139,000 jobs, just above the RSM forecast of 125,000, and the unemployment rate held steady at 4.2%. … READ MORE >
Trade deficit plunges in April, yet signals trouble ahead
The U.S. total trade deficit plunged to its lowest level since 2023—just a month after it spiked to a record high. … READ MORE >
Market Minute: May jobs report to reflect a modest cooling
We expect a gain of 125,000 jobs and a modest increase in the unemployment rate to 4.3% when the U.S. employment report for May is released on Friday. … READ MORE >
Bank of Canada holds interest rate again amid economic volatility
Despite a better-than-expected first quarter for Canada’s economy, the Bank of Canada held its interest rate again as it contends with tariff uncertainty and economic volatility. … READ MORE >
Tariffs take a toll on services, raising fresh stagflation concerns
Service-sector activity contracted in May for the first time since June 2024, falling to 49.9 and confirming our expectations ahead of the Institute for Supply Management’s report on Wednesday. … READ MORE >
Market Minute: Empty containers are piling up at Los Angeles-area ports
Based on discussions with those in our professional network and a visit to the Ports of Los Angeles and Long Beach, we expect that the plunge in imports will begin showing up in the real economy during the first two weeks of July. … READ MORE >
Job openings surpass expectations but labor market shows signs of stress
Job openings held up in April, rising above market expectations with a boost from the service sector. The total number of openings rose to 7.39 million from 7.2 million in March, according to the Bureau of Labor Statistics on Tuesday. … READ MORE >
Market Minute: Dollar and yields diverge as investors shy from long-dated debt
Rising risk around tariffs, slower growth, higher inflation and lower rates are creating conditions where investors appear to be shying away from long-dated debt. … READ MORE >
Tariffs weigh on manufacturing and construction
The impact of tariffs on manufacturing activity was in full force in May, according to business executives surveyed by the Institute for Supply Management, as falling demand and rising prices occurred simultaneously. … READ MORE >