Scotiabank Previews Friday's Labor Market Report in Canada

11:39 AM EDT, 06/04/2026 (MT Newswires) -- Canada updates the Labour Force Survey (LFS) for May on Friday at 8:30 a.m. ET, said Scotiabank.

Consensus sits at a 10,000 gain in jobs, with most expecting a rise except for an anonymous entry, noted the bank.

Scotiabank estimates a 25,000 increase, with an unchanged unemployment rate of 6.9%.

May is when university and college grads heave a sigh of relief after completing exams, pointed out the bank. It's also when traditionally seasonal types of employment that are often filled by youths take off, such as at bars, restaurants, hotels, etc.

This year's summer job market is tracking similarly to last year's, but this might understate employment opportunities for young people in the 15-24 age category of this LFS, stated Scotiabank. That's because the population of temporary residents -- comprised of temporary foreign workers, international students and asylum seekers -- is falling due to the tightening of immigration policies.

As a consequence, the prior reductions in temps that may have flattened hiring in traditionally seasonal sectors could open up more opportunities for youths to fill seasonal jobs in ways that seasonal adjustments may not adequately control.

The bank thinks the tighter immigration policy has caused some of the weakening in employment of late and that the pressure will be upon Canada to begin raising the targets once more within a couple of years or so.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.