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This Week's Canada Jobs Report in Focus After Friday's Poor Q1 GDP, Says SocGen

BY MT Newswires | ECONOMIC | 10:34 AM EDT

10:34 AM EDT, 06/01/2026 (MT Newswires) -- The Canadian Labour Force Survey (LFS) this week will draw close scrutiny after it emerged that on Friday the economy slipped into a technical recession for the first time since 2020, said Societe Generale.

Canada will release the LFS for May this Friday, at 8:30 a.m. ET.

Real gross domestic product contracted 0.1% quarter-over-quarter on an annualized basis in Q1 following a 1.0% decline in Q4 2025, which was revised down from a 0.6% contractions, as United States tariffs weighed and business capital investments contracted 3%, writes the bank in a note to clients.

USD/CAD faded the data and retraced below the 200dma following geopolitical headlines, stated SocGen.

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