Friday's Events: U.S. & Canadian Employment Reports; Ivey PMI

The Canadian and U.S. employment reports for August followed by the Canadian Ivey PMI will be today's main highlights for North America. In the afternoon, markets will also hear from San Francisco Fed President Janet Yellen (non-voter).

At 7 a.m. EDT, Statistics Canada will release its employment report for August. The consensus expects a build of 10.0k jobs, reversing the previous month's 55.2k decline. The unemployment rate is expected to rise to 6.2% from 6.1% in July.

At 8:30 a.m. EDT, the U.S. Bureau of Labor Statistics will release the employment report for August. Nonfarm payrolls are expected to fall by 75k jobs after declining 51k in July. The unemployment rate is expected to remain at 5.7%. Manufacturing payrolls are expected to pull back by 35k jobs, matching the previous month's decline. Average hourly earnings are expected to match July's increase with a 0.3% month-over-month rise. Annual average hourly earnings are expected to increase 3.4%, also in line with the previous increase. Average weekly hours worked are expected to remain at 33.6.

At 10 a.m. EDT, the Ivey Business School will release their Canadian purchasing managers index for August. Economists expect the headline index to decline to 61.8 from 65.5 in July.

Also at 10 a.m. EDT, the U.S. Mortgage Bankers Association will release second-quarter mortgage delinquencies, which rose 6.35% in Q1.

At the same time, Assistant Secretary for Economic Policy Phillip Swagel will deliver an economic media briefing in Washington, DC.

At 1 p.m. EDT, Industry Canada will release monthly bankruptcy statistics for July. In June, filings for bankruptcy fell 5.6% compared to the previous month.

At 3:55 p.m. EDT, San Francisco Fed President Janet Yellen (non-voter) will speak on the U.S. economy at the Rotary Club in Los Angeles. An audience Q&A is expected.

7:00 CA Unemployment Rate August Exp: 6.2% Prior: 6.1%

7:00 CA Net Change in Employment August Exp: +10.0K Prior: -55.2K

8:30 US Change in Nonfarm Payrolls August Exp: -75k Prior: -51k

8:30 US Unemployment Rate August Exp: 5.7% Prior: 5.7%

8:30 US Change in Manufacturing Payrolls August Exp: -35K Prior: -35K

8:30 US Average Hourly Earnings (M/M) August Exp: +0.3% Prior: +0.3%

8:30 US Average Hourly Earnings (Y/Y) August Exp: +3.4% Prior: +3.4%

8:30 US Average Weekly Hours August Exp: 33.6 Prior: 33.6

10:00 US MBA Mortgage Delinquencies Q2 Prior: +6.35%

10:00 US U.S. Treasury Swagel Briefing in DC

10:00 CA Ivey Purchasing Managers Index August Exp: 61.8 Prior: 65.5

13:00 CA Canada Bankruptcy Statistics July Prior: -5.6%

15:55 US Fed's Yellen Speaks in Los Angeles on U.S. Economy

By Erik Kevin Franco and edited by Nancy Girgis - CEP News Ltd. 2008