Highlights of the Canadian jobs report from Statistics Canada:
- Prior reading was 25.8K
- Unemployment rate 7.1% vs 7.0% expected
- Prior unemployment rate was 7.0%
- Full-time jobs +33.5K vs -29.1K expected
- Part-time jobs -43.0K vs +54.9K prior
- Participation rate unchanged at 66.1%
This is a disappointing report but not as bad as the headline suggests. The jump in full-time jobs is a mitigating factor but the weak unemployment rate and overall fall in employment dashes any chance the Bank of Canada will be more hawkish next week.
Net change in Canadian jobs
