Analysts at National Bank Financial (NBF) see September’s labour force survey to draw the most attention for Canada this week.

• “No less than 304K jobs were added in the country in the first eight months of the year, the best tally since 2002. Adding to the good news, most of the positions created over that period were full-time (230K) and in the private sector (237K). That pace is unsustainable in the context of growing labour shortages in several provinces and we suspect we’ll see a sharp moderation in coming months, starting with a -15K print on Friday.
• The unemployment rate, meanwhile, could rise one tick to 5.8%, assuming the participation rate stays put at 65.8%.”