Candor jobs data shows a stronger than expected increase
- Prior 39.9K
- employment change 63.8Kvs 20.0K estimate.
- Unemployment rate 5.5% vs. 5.6% estimate. Last month 5.5%.
- Full-time employment 15.8K vs 32.2K last month
- part-time employment 47.9K vs. 7.8k last month.
- Participation rate 65.6% vs 65.5% last month.
- Average hourly wages permanent employees 5.3% vs 5.2% YoY last month
Other details from StatCan
- Core-aged women (25-54 years) saw an employment increase of 37,000 (+0.6%), and men in the same age group saw an increase of 32,000 (+0.5%).
- Employment in educational services rose by 66,000 (+4.5%), and transportation and warehousing saw a 19,000 (+1.8%) increase.
- Employment decreased in finance, insurance, real estate, rental and leasing by 20,000 (-1.4%), in construction by 18,000 (-1.1%), and in information, culture, and recreation by 12,000 (-1.4%).
- Six provinces, led by Quebec (+39,000; +0.9%) and British Columbia (+26,000; +0.9%), experienced employment growth, while Alberta (-38,000; -1.5%) and New Brunswick (-2,700; -0.7%) saw declines.
- Average hourly wages increased by 5.0% (+$1.63 to $34.01) year-over-year in September.
- Total hours worked remained almost the same in September but increased by 2.6% year-over-year.
The USDCAD was trading at 1.3721 just ahead of the report. It is trading at 1.37299. The high reached 1.3744 as Canada is fighting with the US for the strongest of the jobs reports today.
US jobs gain was not only higher but there was also revisions to the prior month of 119K. Having said that, the expectations for a Canadian rate hike have increased as well.