06/05/2026
Canada added 88,000 jobs in May, far exceeding the 10,000 jobs economists were expecting.
The headline suggests a much stronger economy and potentially higher interest rates.
But the detail that caught my attention wasn't the job growth.
It was wages.
Wage growth slowed sharply from 4.5% to 3.0%, and average weekly earnings posted one of the largest declines on record. That may help explain why Canadian bond yields moved only modestly despite such a strong employment report.
For mortgage borrowers, this is a reminder that markets don't react to headlines alone. Investors are constantly weighing growth, inflation, wages, oil prices, and central bank expectations all at once.
In this week's Mortgage Brief, I break down what happened, what the bond market is saying, and what it could mean ahead of next week's Bank of Canada announcement.
What stood out most to you in this jobs report?
