Analysts at TD Securities are expecting the Labour Force Survey of Canada to reveal job growth of 10k for July (market consensus 15k) in a further moderation from the robust performance over the first half of the year.

• “The goods-producing sector should provide the main driver for monthly job creation and we look for the unemployment rate to hold at 5.5% (mkt 5.5%). Wage growth will be a bright spot to the report, with average hourly earnings for permanent employees forecast to rise to 3.8% y/y (mkt 3.6%) on base effects.
• Housing starts and building permits will round out the data calendar; we look for housing starts to slip to 220k in July (mkt 201k) on a pullback in multi-unit construction, while the market looks for a 3.0% rebound in June building permits after a 13.0% m/m decline the prior month.”