Canada's payroll data, released at the same time as the US jobs report on Friday, showed a loss of 2.2k jobs in June. A closer look shows that this is entirely due to a slump in part time workers, with the full time reading actually quite positive at +24.1k. The unemployment rate ticked up (as expected) by 0.1% to 5.5%, though it continues to linger around historical lows. Conversely, wage growth boomed in June, touching 3.6% on a YoY basis. This suggests there are pipeline inflation pressures brewing at a time when inflation readings are already surprising on the upside. Policy rates in Canada haven’t been raised as ... (full story)