09:08 AM EDT, 07/25/2024 (MT Newswires) -- Employment in Canada's payroll survey (SEPH) increased by 41,000 in May and that followed an upward revision to the April print which is now 15,000 gains versus 23,000 declines previously, noted CIBC after Thursday's release of the data.

However, that still leaves the level of employment only 1.1% above year-ago levels, below the almost 2% pace seen in the Labour Force Survey (LFS), said the bank.

Job vacancies were down slightly, leaving them 28% below year-ago levels, with the job opening-to-unemployment ratio now sitting below pre-pandemic levels.

Although the volatile fixed-weight wages series jumped to 4.8% y/y, from 2.6%, the easing in labor demand along with survey evidence that shows that businesses' expectations for wage growth have eased "significantly" suggest an easing in that measure ahead, stated CIBC.