US and Canadian jobs reports highlight the economic calendar

Welcome to another edition of non-farm payrolls Friday, with the Canadian jobs report to be released at the same time. The consensus is 268K with average earnings up 5.0% y/y.

I don’t see this report as a particularly meaningful one in terms of how the market might react. The market is struggling with both growth and recession fears. If anything, I’d make the argument that a jobs number closer to zero is ideal because the Fed wants to see some softening in the labor market before pausing rate hikes.

Equally important might be a pair of appearances from the Fed’s Williams, who is in Puerto Rico. He speaks on a roundtable at 8:30 am ET and again at 11 am ET. The latter speech is slated to be on the economic outlook and any hint at slowing the pace of hikes would be market moving.

This article was written by Adam Button at

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