Prior month -1.4KEmployment change -2.8K vs +22.5K expectedUnemployment rate 6.4% vs 6.4% expected (up 0.9% y/y)Prior month employment rate 6.4%Full-time employment +62.0K vs -3.4K priorPart-time employment -64.4K vs +1.9K priorParticipation rate 65.0% vs 65.3% priorAverage hourly wages y/y 5.2% vs 5.4% last month
These are back-to-back negative numbers, though they’re mitigated somewhat by the gain in full time jobs. That said, the unemployment rate would have risen notably if not for the sharp drop in participation.
USD/CAD has been volatile in the aftermath but I see this as a clear sign of slowing. Combine it with the latest RBC spending tracker and it’s abundantly clear that Canada’s economy is turning lower.
This article was written by Adam Button at www.forexlive.com.
