This week brings a heavy schedule of Canadian economic data releases, with a jobs report coming ahead of an interest rate decision on October 15. The U.S. data schedule looks rather quiet.

RBC Financial notes that this week will provide some updates on housing market conditions in Canada, with the release of building permits on Monday, housing starts on Wednesday, and the new house price index on Thursday.

Also out this week is the Ivey PMI on Tuesday, and September’s jobs report and international trade numbers for August on Friday.

The jobs report will be the most important one, ahead of the next Bank of Canada meeting. “Recent declines in employment have not even come close to wiping out the gains seen last year, keeping the Canadian labour market in good shape overall,” notes RBC. “In addition, the diminishing effects of the shocks that hit the Canadian economy over the first part of this year, and the improved outlook for the U.S. over the second half of this year will help to further endorse this view.”

CIBC World Markets says that calls for rate cuts in Canada have faded, but a weak jobs report could bring them back. “The market has pushed back expectations for a further Bank of Canada rate cut in the wake of better-than-expected readings on July Canadian GDP and September U.S. employment. But with the Canadian dollar sitting not far off its strongest levels for the year, it wouldn’t take too much of a disappointment in Friday’s employment data to put an October rate cut back on the calendar, since it comes after outright decline in jobs in August,” CIBC predicts.

According to TD Bank, the odds of another interest-rate cut appear low. It agrees that the jobs report could tip the balance in favour of easing, but says, “barring a shockingly weak report, it is unlikely to be enough to sway the central bank.”

BMO Nesbitt Burns says that it is looking for no improvement in the September jobs data, “with headline employment expected to drop 5,000 and the unemployment rate ticking up a notch to 8.1%.” It notes that the market is still leaning toward another rate cut before the end of the year, “and an even weaker number than expected in this report would bolster that view.”

As for Friday’s other release, Nesbitt says the trade report may be a little lost, “but it will be worth watching,” it says. “Notable will be any impact on trade from the mid-month blackout and ensuing state of emergency. We are looking for a 0.5% drop in exports, as other sectors are expected to pick up some of the slack from autos. The trade surplus is projected to narrow to $4.2 billion, with the clear risk of an even greater spill.”

South of the border, CIBC says that the focus will begin to swing towards third quarter earnings next week, “which should be reasonably impressive given the combination of strong economic growth and downward pressure on unit labor costs.”

The only reports out in the U.S. are the producer price index and goods and services balance, both due on Friday. “Two economic reports won’t have nearly the weight of the past week’s payrolls data. Strong consumer spending should pull in imports, and thereby widen the August trade deficit, while easing energy markets likely left producer prices flat in September. Neither result should be a market mover,” CIBC predicts.

As for corporate earnings, Alcoa Inc. is the first big name to report, on Tuesday.

CI Fund Management Inc. and Teknion Corp. report on Wednesday, and Inex Pharmaceuticals Corp. unveils its results on Friday.