The Globe and Mail reports in its Monday, June 1, edition that Canada is expected to churn out 10,000 new jobs for the month of April. The Globe's guest columnist Amber Kanwar writes that the numbers come out on Friday. That would be better than the 17,700 drop in the previous month but hardly cause for celebration. Especially since we now know that Canada was in a technical recession for the past two quarters (back-to-back quarters of contracting growth). In retrospect, that makes sense because job growth has been anemic and unemployment is elevated at 6.9 per cent. The head scratcher is that the market is still pricing in a bias toward rate hikes. "The Bank of Canada would need to have its head examined to be contemplating rate hikes, which have been priced into the Canadian money market these past two months. Nutso," wrote David Rosenberg of Rosenberg Research & Associates after last week's soft GDP print. He argues that weak job growth coupled with weakness in areas like retail while inflation remains subdued means that the next move by the Bank of Canada should be a rate cut, not a hike.