Canadian employment data for January 2018:
- Best 5-month run of hiring in 16 years
- Prior was +7.8K
- Unemployment rate 5.8% vs 5.7% expected
- Participation rate 65.6% vs 65.4% prior
- Full time jobs +30.9K
- Part time jobs +36.0K
- Year-over-year employment +327K
- Service producing +99K
- Goods producing -32K
Canadian employment is on an unbelievable run at a time when there are many questions about the economy. This jump mirrors a surprise jump in December 2017 and makes me wonder if there is a seasonal-adjustment problem around the holidays.
The average over the past 5 months is +46.7K, the best since 2002 when oil companies were hiring anyone who would walk through the door. It would be comparable to a 5-month run of +467K in non-farm payrolls.
From StatsCan:
"The number of people working in services-producing industries increased, led by wholesale and retail trade; professional, scientific and technical services; and public administration. At the same time, the number of workers in goods-producing industries decreased, most notably in agriculture."
The jump was almost entirely due to people aged 15-24, who accounted for 53K of the jobs, another sign that it was a seasonal skew.
