Despite sharpening trade tensions, a hefty rise in payrolls has provided new evidence that the American economy is strong enough to keep pulling sidelined workers back into action.
Employers added a total of 213,000 jobs in June, the Labor Department said Friday in its monthly report. The jobless rate rose to 4 percent, up from 3.8 percent in May, but that was because so many people joined the labor force and started actively hunting for work.
…
For workers, the modest 2.7 percent increase in the average hourly wage over the past year was disappointing; pay raises are a nose behind some measures of inflation. But the slow pace does undercut arguments that the economy is in danger of revving too fast.
There were jobs in Canada, too!
The Canadian dollar strengthened to a three-week high against its U.S. counterpart on Friday as oil prices rose and data showing a stronger-than-expected rise in domestic jobs raised expectations for a Bank of Canada interest rate hike next week.
The Canadian economy added 31,800 jobs in June, more than the 24,000 gain that analysts had predicted.
Chances of a Bank of Canada interest rate increase at the July 11 announcement climbed to more than 90 percent from 88 percent before the data, the overnight index swaps market indicated.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.0233 % | 3,001.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.0233 % | 5,508.1 |
| Floater | 3.35 % | 3.59 % | 73,979 | 18.35 | 4 | 1.0233 % | 3,174.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1349 % | 3,188.3 |
| SplitShare | 4.61 % | 4.52 % | 65,572 | 4.94 | 5 | 0.1349 % | 3,807.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1349 % | 2,970.8 |
| Perpetual-Premium | 5.61 % | -8.63 % | 57,639 | 0.09 | 9 | 0.1742 % | 2,901.8 |
| Perpetual-Discount | 5.36 % | 5.46 % | 55,175 | 14.63 | 26 | -0.0229 % | 2,983.1 |
| FixedReset | 4.32 % | 4.65 % | 136,541 | 5.55 | 106 | 0.1749 % | 2,543.5 |
| Deemed-Retractible | 5.14 % | 5.94 % | 64,297 | 5.50 | 27 | -0.0468 % | 2,971.1 |
| FloatingReset | 3.10 % | 3.52 % | 33,082 | 3.41 | 9 | 0.2141 % | 2,814.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TD.PF.D | FixedReset | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-06 Maturity Price : 23.20 Evaluated at bid price : 24.13 Bid-YTW : 4.88 % |
| IFC.PR.E | Deemed-Retractible | -1.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.01 Bid-YTW : 5.99 % |
| SLF.PR.H | FixedReset | 1.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.77 Bid-YTW : 5.94 % |
| VNR.PR.A | FixedReset | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-06 Maturity Price : 23.05 Evaluated at bid price : 24.54 Bid-YTW : 4.82 % |
| PWF.PR.A | Floater | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-06 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 2.83 % |
| BAM.PR.K | Floater | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-06 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 3.59 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.I | FixedReset | 145,799 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-19 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 4.69 % |
| GWO.PR.G | Deemed-Retractible | 55,757 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 5.96 % |
| TD.PF.G | FixedReset | 51,184 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.56 Bid-YTW : 3.54 % |
| NA.PR.G | FixedReset | 42,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-06 Maturity Price : 23.18 Evaluated at bid price : 25.11 Bid-YTW : 4.76 % |
| MFC.PR.N | FixedReset | 39,500 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.28 Bid-YTW : 5.52 % |
| MFC.PR.K | FixedReset | 36,200 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.65 Bid-YTW : 6.08 % |
| There were 13 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| W.PR.J | Perpetual-Discount | Quote: 24.82 – 25.28 Spot Rate : 0.4600 Average : 0.3098 YTW SCENARIO |
| TD.PF.D | FixedReset | Quote: 24.13 – 24.52 Spot Rate : 0.3900 Average : 0.2546 YTW SCENARIO |
| EMA.PR.H | FixedReset | Quote: 25.35 – 25.59 Spot Rate : 0.2400 Average : 0.1627 YTW SCENARIO |
| TRP.PR.H | FloatingReset | Quote: 17.00 – 17.30 Spot Rate : 0.3000 Average : 0.2300 YTW SCENARIO |
| SLF.PR.A | Deemed-Retractible | Quote: 22.42 – 22.71 Spot Rate : 0.2900 Average : 0.2208 YTW SCENARIO |
| MFC.PR.O | FixedReset | Quote: 26.51 – 26.85 Spot Rate : 0.3400 Average : 0.2866 YTW SCENARIO |