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Week Ahead: Markets to Focus on US Jobs Report and Canada Gross Domestic Product

May 29, 2023

This week’s key economic indicators, including the US Jobs Report and Canada’s Gross Domestic Product, are in the spotlight for the financial sector. These fundamental reports are crucial for traders to navigate the markets and make informed decisions. Stay tuned for the latest updates.

Australia Consumer Price Index (31 May 2023)

The monthly Consumer Price Index in Australia increased 6.3% in the year to March 2023, slowing from a 6.8% rise in the year to February 2023.

The data for April 2023 will be released on 31 May, with analysts expecting a further slowdown, dropping to 6%.

Canada Gross Domestic Product (31 May 2023)

The Canadian economic activity in February edged up by 0.1%, following a 0.6% expansion in January.

For March 2023 data, set to be released on 31 May, analysts expect a 0.1% decline.

US JOLTS Job Openings (31 May 2023)

The number of job openings in the US dropped by 384,000 to 9.6 million in March 2023, the lowest level since April 2021.

Data for April 2023 will be released on 31 May, with analysts expecting another drop to 9.2 million.

US ADP Non-Farm Employment Change (1 June 2023)

Private businesses in the US created 296,000 jobs in April 2023, a significant increase compared to the downwardly revised figure of 142,000 in March 2023.

May 2023 data will be released on 1 June, with analysts anticipating a job creation figure of around 200,000.

US ISM Manufacturing PMI (1 June 2023)

The ISM Manufacturing PMI in the US rose to 47.1 in April 2023, up from a three-year low of 46.3 in the previous month.

Analysts predict that the index for May 2023, scheduled for release on 1 June, will be at 48.

US Jobs Report (2 June 2023)

The US Non-Farm Employment Change unexpectedly increased by 253,000 jobs in April 2023, outperforming the expected 180,000 and coming after a downwardly revised 165,000 in March. Concurrently, the unemployment rate in April 2023 dropped to 3.4%, matching a 50-year low previously seen in January.

For May 2023 data, scheduled for release on 2 June, analysts anticipate that Non-Farm Employment will see an addition of 180,000 jobs, with the unemployment rate projected at 3.5%.