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“The labour market is sending precisely zero signs of economic stress. For the Bank of Canada, the strong report must make them at least a tad nervous about their freshly-minted pause,” said Porter. “Now, with yields surging on North American’s jobs jubilee, rate watchers are second-guessing their outlooks,” he said.First is the decline in wage growth, that the report also revealed. Average hourly wages rose 4.5 per cent from the year before, down from a 4.8 per cent year-over-year increase in December.
Canada’s next inflation reading out Feb. 21 will pull more weight with the central bank than job numbers. “Investors clearly believe the U.S. economy is headed for trouble,” said McLister. “And if the U.S. is in trouble, Canada is in trouble.”
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