- Prior was +66.6K
- Unemployment rate 6.5% vs 7.0% expected
- Participation rate 65.1% vs 65.3% prior
- Full time -9.4% vs -18.5K prior
- Part time +63.0K vs 85.1K prior
- Average hourly wages for permanent employees 4.00% vs 4.00% prior
There were a pair of weak reports in July/August followed by a pair of strong ones in Sept/Oct, leaving everyone guessing what the real trajectory of hiring in Canada is. This report provides an emphatic answer. It’s another big jobs gain and a tumble in the unemployment rate. The fall in joblessness is flattered by declining participation but it still runs in the opposite direction of what markets were expecting.
The Bank of Canada had already indicated a shift to the sidelines but now it might be time to start talking about when it’s time to hike rates.
This also might be a gamechanger for the Canadian dollar, which is at a one-month low now and threatening the October low.
USDCAD daily
