Canadian employment headline strength masks weakness underneath. Expect 50 bps

CIBC is out with a review of today's Canadian jobs report:Despite strong headline job numbers, the underlying details were mostly negativeThey cite: Largely public sector job gains, highest unemployment rate since 2016, wage growth lowest since June 2023The weakening labor market, combined with slow GDP growth, indicates growing economic slackPrivate sector employment grew only 1.3% over the past year, less than half the 2.8% labor force growthCIBC writes:The above-consensus headline gain in employment was pretty much the only positive news in today's data. The greater-than-expected increase in unemployment, weakness in hours worked and deceleration in wage growth all support our call for a

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