Canadian Employment Upside Surprise

From StatCan today, employment reverses May decline, rises 18.2K vs 11.2K Bloomberg consensus. The employment sitrep as of today’s release:

Figure 1: Canadian employment over 15yrs (blue, left scale), Canadian nonfarm payroll employment (red, right scale), both s.a. Source: StatCan.

Neither employment nor nonfarm payroll employment are back to previous peaks. However, they do not seem to be trending downward. Combined with nowcasts and monthly GDP, it seems like a recession call is ill-advised.