It’s back to business this week with a Bank of Canada decision on interest rates, and some notable economic data slated for release.

The rate decision is due on Tuesday, and the consensus is that the Bank of Canada will stand pat once again. RBC Financial says, “With inflation as measured by the GDP deflator up a not-too-alarming 2% quarter-over-quarter at an annual pace in the third quarter, we expect the Bank of Canada to be on the sidelines at it policy meeting next Tuesday and into the early parts of next year.”

CIBC World Markets says, “The Bank of Canada will stay on hold, to no surprise, but will likely repeat its warning that higher rates are in the cards at some point.”

BMO Nesbitt Burns notes that analysts are unanimous agreement in predicting no change in rates. “A cooler tone to the economic data in recent months and the fact that the Fed eased by 50 basis points less than a month ago suggest that the Bank is on hold for some time yet. The press release will be scoured for any sign that the Bank is again softening its outlook for growth. However, with the U.S. economy looking to emerge from its recent lull, the Bank is likely to maintain its hawkish rhetoric, and we would continue to look for rates to start moving higher again by next spring.”

“Not only does Friday’s data lock in the case for the Bank of Canada to remain on hold next week, but it also makes our call that the Bank will wait until April to pull the trigger look increasingly likely,” offers TD Bank.

After the bank decision, the help wanted index and building permits are out on Thursday. The big news will be the Canadian jobs report on Friday. “Canadian job growth has already seen a slowing in terms of private sector full-time hiring, and the headline tally for November may begin to see the same easing trend after a slower pace to Q3 growth,” offers CIBC. “Keep an eye on wage data released alongside the jobs figures. The muted trend in wages has been the one domestic factor keeping rate hikes at bay.”

Nesbitt also sees some weakening in the jobs report. “We look for the labour force to post less frenzied growth in November, which should trim the jobless rate a tick to 7.5%.”

In the U.S., the two big releases will be the November Institute of Supply Management index on Monday and the U.S. jobs report on Friday. In between, factory orders and productivity numbers are out on Wednesday.

CIBC says that the Chicago purchasing managers‚ results hinted at a rebound in the ISM data. “That survey, along with the payrolls results, will see a bit of a lift from the end to the dockworkers‚ strike on the West Coast,” it says.

TD says that recent data has been constructive for the U.S. recovery. It says that the building blocks for a business sector recovery, however slow and tentative, do indeed appear to be falling into place. “However, the real acid test lies with next week’s ISM and employment reports — and based on this week‚s indicators, the potential for an upside surprise is real.”

Nesbitt agrees that the momentum of stronger U.S. economic data is expected to carry over into next week in the employment and ISM reports for November.

The earnings picture will be dominated by the end of bank earnings season, with Bank of Nova Scotia reporting on Tuesday, followed by B2B Trust and Laurentian Bank on Wednesday. National Bank reports on Thursday. Canadian Western Bank confesses its results on Friday.