Statistics Canada will be releasing the monthly jobs report this morning, with expectations suggesting that Canada’s unemployment rate is forecast to rise to 5.6%. This would mark a slight increase from the 5.4% registered in May. The economy is predicted to add just 8000 jobs during the month of June.
Employers in the US are expected to have added 160,000 positions in June, with the unemployment rate projected to remain at 3.6% and wages to grow by 3.2%. The report is expected to stay in line with economists’ estimates, however, if it falls outside of these projections it may cause a reassessment of the Federal Reserve’s rate path.
The meeting between President Trump and China’s Xi Jinping at the G20 brought about a temporary hiatus to the trade war, but China once again ratcheted up pressures on the United States to begin rolling back the major roadblocks precluding open trade between the two nations. China has asked for a removal of all tariffs placed on its goods, with state media suggesting discussions will “go backward again” without the US.
US benchmark crude prices fell once again on weak economic indicators. Brent oil traded higher, supported by tensions over Iran and this week’s decision by OPEC and its allies to extend a supply cut. West Texas Intermediate crude futures are down $0.48 at $56.86 per barrel.