Canada: SEPH (Payroll) employment and wage growth data awaited - TDS

Canada’s SEPH (Payroll) employment and wage growth for April will give a temporary reprieve from Bank of Canada developments ahead of Friday’s Business Outlook Survey, suggests the analysis team at TDS.

Key Quotes

“SEPH tracks real activity much more accurately than the labour force survey but is often overlooked due to the long publishing lag.  We hope to see SEPH data confirm the uptrend in wage pressures consistent with reduced levels of slack. CFIB Small Business Optimism for June will also be released; small business confidence is currently sitting at its highest levels since the collapse in energy prices.”

“US: St. Louis Fed President Bullard (non-voter) will give his outlook for the US economy and monetary policy during a 13:00 ET speech in London. On the data front, we will receive the third print of Q1 GDP though the market does not expect any change to the prior estimates for GDP (1.2%), consumer spending (0.6%) or core PCE (2.1%). Initial jobless claims are the only other item on the calendar and the market consensus is for claims to remain at the 240k level.”