Highlights of the July 2018 Canadian employment report
Prior was +54.1K (unrevised)
- Full time jobs +40.4K vs -28.0K prior
- Part time -92.0K vs +82.0K prior
- Participation rate % vs 65.4% expected (65.4% prior)
- Unemployment rate 6.0% vs 5.9% expected (5.8% prior)
- Hourly earnings permanent employees 2.6% vs 3.0% expected (+3.0% prior)
Terrible headline but it was all driven by part-time jobs. However the real disappointment is the wage data. Two months ago it was at +3.5% so that's two declines in a row. Here's the chart:
USD/CAD jumped on the headlines and is up to 1.3173 from 1.3115 beforehand.
It's funny we've all been focused on NAFTA and the two big events this week were Wilkins' hawkish speech and the jobs report.
