Canadian employment
- Prior +63.8K
- Unemployment rate 5.7% vs. 5.6% expected. Last month 5.5%.
- Full-time employment -3.3K vs +15.8K last month
- part-time employment +20.8K vs. +47.9k last month.
- Participation rate 65.6% vs 65.5% last month.
- Average hourly wages permanent employees 5.0% vs 5.3% y/ last month
Wage growth is cooling, unemployment rose and the job losses were in full-time employment. Those are all weak details. USD/CAD is down on the soft non-farm payrolls report but, otherwise, the Canadian dollar is underperforming. That said, the US numbers should spark some risk appetite as Treasury yields have fallen; that will be good for the loonie.