0918 ET - Canada's employment report for December is much stronger than expectations, CIBC Capital Markets say, citing a nearly 91,000 net job gain and a drop in the unemployment rate to 6.7%. Also of note is that annual wage growth decelerated once again, to 3.7% from 3.9%. The data are better than anticipated, but CIBC argues that the unemployment rate remains elevated and "indicative of slack within the economy." It sticks with its forecast that Bank of Canada needs to cut rates further to fuel growth and absorb excess capacity. (Paul.Vieira@wsj.com, @paulvieira)
(END) Dow Jones Newswires
January 10, 2025 09:18 ET (14:18 GMT)
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