Canada January employment +66.8K vs +5.0K expected

Author: Adam Button | Category: News

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.
Canadian employment data for January 2018:
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.

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