Analysts at TD Securities are expecting the Canadian employment to decrease by 5,000 in May, which would give back a small portion of the record 106,500 jobs created the prior month.

• “This should push the unemployment rate slightly higher to 5.8% while wage growth for permanent employees should drift lower to 2.5% y/y (consensus: 5.7%, 2.5%, respectively).
• Capacity utilization for Q1 will round out the data calendar; the market looks for capacity utilization to fall to 81.0% from 81.7% across the industrial sector, which is consistent with the Bank of Canada's Business Outlook Survey reporting a smaller share of firms experiencing capacity pressures.”