Canadian payrolls were dismal in April, including the biggest two-month collapse in private jobs since the lockdowns. It isn't just sentiment. While pessimism has soared, results from around the real economy is backing that up with hard data. Not just Canada, also Mexico. 

Eurodollar University's Money & Macro Analysis

Jeremy Rudd Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)
https://www.federalreserve.gov/econres/feds/files/2021062pap.pdf

Transcript Chair Powell Press Conference May 2025
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20250507.pdf

Bloomberg Canada Joblessness Hits 6.9% as Tariffs Strike Manufacturing
https://www.bloomberg.com/news/articles/2025-05-09/canada-adds-7-400-jobs-unemployment-jumps-to-6-9

Bank of Canada Financial Stability Report 2025
https://www.bankofcanada.ca/2025/05/financial-stability-report-2025/

SPG Canada Manufacturing PMI April 2025
https://www.pmi.spglobal.com/Public/Home/PressRelease/487ca2cba7784b86aa9d9df3a315d744

SPG Canada Services PMI April 2025
https://www.pmi.spglobal.com/Public/Home/PressRelease/4c356ce1148c420fbee728307ef2b2dc

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