Analysts at TD Securities are expecting the Canadian labour market to give back 10k jobs in November (market: +10k) on an unwind of election-related hiring that bolstered the October print.

• “This would represent the second instance of consecutive declines in 2019, following job losses in June/July, which could feed speculation about a broader erosion in labour market conditions. A 10k decline in total employment should push the unemployment rate higher to 5.6% (market: 5.5%) although favourable base-effects should see wage growth hold at 4.4% y/y.”