Jeffrey Qián 錢 曄 // 778-238-2014 //

US Employment

US Non-farm payrolls came in at just 38,000 jobs for the month of May, well below expectations and a significant slowdown from the trend of 200,000 jobs per month set over the previous three months.  A slip in overall labour force participation pushed the national unemployment rate down to 4.7 per cent in spite of disappointing job growth. 

A slowdown in economic growth in the first quarter combined with new weakness in the labour market and an increase in global economic uncertainty is very likely to push the US Federal Reserve away from raising interest rates in June. Without upward pressure from rising borrowing costs in the United States, benchmark Canadian rates like the 5-year Government bond yield should remain relatively flat, keeping mortgage rates steady through to the end of the year. 

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