Canada average weekly earnings 2.58% vs 2.56% y/y prior

Author: Giles Coghlan | Category: News

Sept payroll employment, earnings and hours report from Canada 

Sept payroll employment, earnings and hours report from Canada 

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  • Payroll employment, as measured by the Survey of Employment, Payrolls and Hours (SEPH), rose by 91,100 (+0.5%) in September, the fourth consecutive monthly increase
  • SEPH Payroll employment -1.5% lower than Feb 2020
This is old news as the October jobs data is already out. Some highlights from October were.
  • Total hours worked were up 1.0% in October, and were 0.6% below their pre-pandemic level.
  • The unemployment rate fell 0.2 percentage points to 6.7% in October, a 20-month low and within 1.0 percentage points of the rate (5.7%) in February 2020.
  • The adjusted unemployment rate-which includes people who wanted a job, but did not look for one-was 8.7%, the lowest rate since the onset of the pandemic.
The BoC took a hawkish shift at their last rate meeting and short of some terrible domestic data the CAD remains a buy on deeper dips. However, a lot of the good news was priced in before the last meeting, so really need to see deeper dips before buyers get seriously interested again.

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