North American markets are expected to open flat Friday as traders hold off buying ahead of a long weekend. U.S. markets will be closed Monday for Independence Day celebrations.

Canadian markets, which were closed Thursday for Canada Day, will operate as usual on Monday.

In this morning’s economic news, U.S. job employment growth slowed sharply in June, and April and May payroll gains were pared.

Nonfarm business payrolls grew by a net 112,000 jobs in June, raising this year’s total to slightly more than a million, the Labor Department said Friday.

The June payroll gain was less than half the 250,000 economists had expected.

In addition, employers added 35,000 fewer jobs than previously thought in April and May.

The unemployment rate held steady at 5.6%.

Here at home, a Scotia Economics report released today says the prospects for Alberta and British Columbia prospects are brightening and those western provinces should outpace national growth over the next two years.

Scotia Economics forecasts that Canada’s gross domestic product will advance 2.7% this
year, just over half of the 5% gain expected for the United States.

There are no major news releases from Statistics Canada this morning.

Asian stock markets closed lower overnight.

Tokyo’s Nikkei fell 174.52 points, or 1.47%, to 11,721.49 points. Technology issues suffered as investors took cues from the tech-heavy Nasdaq’s fall on Thursday.

In Hong Kong, the key Hang Seng index fell 65.62 points to 12,220.13. The Hong Kong market was closed on Thursday for a public holiday.

On Thursday, U.S. stock markets had sagged as investors reacted negatively to a U.S. Labour Department report that showed a slight rise in the number of people who signed up for jobless benefits last week

Separately, the Institute for Supply Management said its manufacturing index declined to 61.1 in June, down from 62.8 in May.

The Dow Jones industrial average lost 101.32 points, or 1%, to 10,334.16. The Nasdaq composite index sank 32.24, or 1.6%, to 2,015.55. The S&P 500 index fell 11.9, or 1%, to 1,128.94.