'Weakness under the hood': What economists are saying about Canada's surprise jobs loss

David Rosenberg, Rosenberg Research

“In a sign of inconsistency in the data beyond just the part-time job increase alongside reduced youth jobs, we also saw the best performing sector being accommodation and food services which typically employs young people. Go figure. The BoC thinks consumer spending is behaving admirably, and yet retailers/wholesalers would seem to disagree with that notion, as this sector laid off a net 12,900 and by 79,700 over the past year.

“The labour market finally loosened up in May, and we believe this is just the beginning as the economy slips into recession.

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