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Labour Force Survey (Dec.) & Trade (Nov.)

The solid 78,600 increase in employment in December and the drop in the unemployment rate to 5.7%, from 5.9%, suggest that the domestic economy is coping well with recent increases in interest rates. This will no doubt fuel speculation that the Bank of Canada might hike interest rates later this month or shortly thereafter. But we aren’t convinced, partly because of the uncertainty around NAFTA.

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