- Prior month 90.9K (was expecting 25.0 K). Revised to 179.1 K
- Employment change 76.0K vs 25.0 K estimate. This is the 3rd consecutive monthly gain following increases in December (+91,000; +0.4%) and November (+44,000; +0.2%).
- Unemployment rate 6.6% versus 6.8% estimate. Last month 6.7%
- Full time employment 35.2K vs 57.5K last month. Revised to 171.8K
- Part-time employment 40.9K vs 33.5 K last month. Revised to 7.1K
- Participaition rate 65.5% vs 65.1% last month.
Looking at wages:
- Average hourly wages: +3.5% YoY in January (+$1.23 to $35.99), slowest since April 2022.
- Previous wage growth: 4.0% in December, 4.2% in November, ~5.0% through late 2022-2024.
- Permanent employees: +3.7% YoY ($36.83).
- Temporary employees: +2.5% YoY ($28.65).
Data is much stronger than expectations with revisions also much stronger
Other details:
Employment gains in January were led by:
- Manufacturing: +33K (+1.8%) in January, mainly in Ontario (+11K), Quebec (+9.7K), and British Columbia (+8.7K); little YoY change.
- Professional, Scientific & Technical Services: +22K (+1.1%) in January; +66K (+3.4%) YoY.
- Construction: +19K (+1.2%) in January; +58K (+3.6%) YoY.
- Accommodation & Food Services: +15K (+1.3%) in January.
- Transportation & Warehousing: +13K (+1.2%) in January.
- Agriculture: +10K (+4.4%) in January.
- Other Services: -14K (-1.8%) in January.
Even more details from the report:
- Over this three-month period, there were increases both in full-time work (+147,000; +0.9%) and part-time work (+64,000; +1.7%).
- Private sector employment: +57K (+0.4%) in January, +215K (+1.6%) YoY.
- Public sector employment: Little changed in January, +107K (+2.4%) YoY.
- Self-employment: +27K (+1.0%) in January, +94K (+3.6%) YoY.
The USDCAD was trading at 1.43215 ahead of the data release, and just above a swing area support between 1.4290 and 1.4304. Dow industrial average is down -19 points
This article was written by Greg Michalowski at www.forexlive.com.
