Daily digest market movers: Canadian PMIs slip back, US jobless claims rise further
- Canada’s Ivey Purchasing Managers Index (PMI) fell to 52.0 in May on a seasonally-adjusted basis, a sharp pullback from the previous two-year high of 63.0. Median market forecasts had expected an uptick to 65.0.
- US Initial Jobless Claims rose to 229K in the week ended May 31, up from the previous week’s revised 221K. The print missed forecasts of 220K.
- US Labor Costs also eased in the first quarter, growing by 4.0% versus the forecasted uptick to 4.9% from the previous 4.7%.
- With labor costs and activity easing, market hopes for a September rate cut from the Fed are holding on the high side. According to the CME’s FedWatch Tool, rate markets are pricing in around 70% odds of at least a quarter-point trim when the Federal Open Market Committee (FOMC) announces its latest rate call on September 18.
- US NFP looms large on Friday, with median market forecasts now calling for 185K in net new jobs in May versus the previous print of 175K. US Average Hourly Earnings are also expected to tick higher to 0.3% MoM compared to the previous 0.2%.
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