The Bank of Canada’s Nicolas Vincent gave an address yesterday highlighting some of the drivers behind the soft job market…

… which include a steady grind lower in labour market mobility, with the job changing rate sitting meaningfully below the long-term average.

Combined with a slowing layoff rate, both employees and employers have been sitting on their hands…

… which has created a tough environment for those seeking work, who face the lowest job finding rate in decades…

… and the highest proportion of long-term unemployment outside of the pandemic, a structural theme we’ve been tracking closely. No easy fixes.

Investment in building construction fell 1.3% to $22.6B in March, the third straight monthly decline…

… driven by residential activity, which shed 2% in both multi-unit and single-family dwellings - led by Ontario in both cases.

That offset a 3% gain in industrial construction investment, which led non-residential activity and should continue - given the uptick in industrial permitting…

… as developers look to capitalize on higher rent growth.

Canadian corporations added $4B of operating profit in Q1, a 2% Q/Q gain led by continued margin expansion…

… that reflects both operating leverage and help from higher oil prices. Banks, utilities, and energy companies have contributed most to net profit growth over the last twelve months…

… offsetting manufacturing weakness tied to vehicle production stoppages in January.

Intermap (IMP) crashed over 40% on a setback in the Indonesian Mapping Program, where its technical scores and bid price were less competitive than expected - putting 2026 guidance and forward estimates at risk.

While a final decision hasn’t been made, investors are pricing in a lower probability of winning the $180M multi-year contract - cutting the multiple in half.

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