- Previous month -1.4k
- Employment change -2.8K vs. +22.5K expected
- Unemployment rate 6.4% vs. 6.4% expected (up 0.9% y/y)
- Employment rate in the previous month 6.4%
- Full-time employment +62.0K vs. -3.4K previously
- Part-time work -64.4 thousand vs. +1.9 thousand previously
- Participation rate 65.0% vs. 65.3% previously
- Average hourly earnings on an annual basis increased 5.2% compared to 5.4% last month.
These are consecutive negative figures, although their impact has been somewhat mitigated by the increase in full-time jobs. However, the unemployment rate would have risen significantly had it not been for the sharp decline in participation.
The USD/CAD pair has been volatile in the aftermath, but I see this as a clear sign of a slowdown. Combined with the latest Fed spending tracker, it becomes clear that the Canadian economy is heading for a downturn.
Key changes by industry:
- Wholesale and retail trade: -44,000 (-1.5%)
- Finance, Insurance, Real Estate, Rental & Leasing: -15,000 (-1.0%)
- General Administration: +20,000 (+1.6%)
- Transport and storage: +15,000 (+1.4%)
- Facilities: +6,200 (+4.2%)
Here’s the surprise:
- Public sector +41 thousand
- Private sector -42 thousand
On an annual basis:
- Public sector +205 thousand
- Private sector +86 thousand
This article was written by Adam Bouton on www.forexlive.com.