Employment reports from both Canada and the United States will cap off a busy schedule for economic news this week.

On Friday, both Canada and the United States release job numbers for December.

In Canada, economists are expecting the unemployment rate to be flat at 7.5% and the economy to create 25,000 jobs.

In November, the unemployment rate fell to 7.5% as the Canadian economy added 54,000 jobs.

The numbers will give the Bank of Canada more information on how the economy fared at the end of this 2003 as it weighs its January 20 decision on interest rates. Many economists expect the Bank to trim rates.

In the United States, non-farm payrolls are expected to rise by 140,000 compared with growth of 57,000 jobs in November, while the unemployment rate is expected to be steady at 5.9%.

In a report Friday, BMO Nesbitt Burns economist Russell Sheldon wrote that the recent numbers — including dropping jobless claims and positive hiring intentions — point to a strong job growth.

“We are back in growth mode. There is no question about it,” Sheldon said.

He points out that even if the jobs numbers are “soft” this week, broader statistics show that the “job markets are percolating again.”

As for the remaining economic news, Monday sees the release of the industrial product and raw materials prices indices for November from Statistics Canada.

Tuesday brings the ISM non-manufacturing numbers.

On Thursday, the U.S. Department of Commerce will release figures on U.S. wholesale trade.

Besides the jobs reports, information on housing starts will be release Friday.

In earnings news, Dow component Alcoa Inc., traditionally the first to report each earnings season, unveils its latest quarterly report on Thursday.