- Prior was +60.4
- Unemployment rate 6.9% vs 7.1% expected (prior 7.1%)
- Participation rate 65.3% vs 65.2% prior
- Full time -18.5K vs +106.1K prior
- Part time +85.1K vs -45.6K prior
- Hourly wages for permanent employees % vs +3.6% prior
USD/CAD was trading at 1.1402 ahead of the report and quickly fell to 1.4075.
The numbers in this report have yo-yo’d for months, making it tough to get a clean read on what’s happening with Canadian hiring. On net, the view was that it was weakening but not to a frightening degree, these past two reports could change that view. There have been signs of layoffs though so it’s tough to have any confidence in hiring, and not at this pace. If you average out the past four months, the monthly jobs growth is +5.1K, which I think is about right for where we are.
Unemployment is back to where it was in April.
The Bank of Canada cut rates this month but already signaled that it’s now on the sidelines. This certainly underscores that view.
This article was written by Adam Button at investinglive.com.