Canadian average hourly earnings rose by 2% year over year in October, below the forecast of 2.05%. The slowdown, following growth of 2.30% in the previous month, points to weaker wage momentum in the near term. Market participants view the data as supporting a pause or decision not to raise interest rates in December. Markets strongly price in a chance that the Bank of Canada will keep rates unchanged, while inflation, employment and statements from central bank officials remain key considerations.
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