Canadian June 2019 employment report highlights:
- Prior was +27.7K
- Unemployment rate 5.5% vs 5.4% expected
- Hourly wage for permanent employees 3.6% vs +2.7% expected
- Participation rate 65.7% vs 65.7% prior
- Full time +24.1K vs +27.7K prior
- Part time -26.2K vs 0.0K prior
That wage growth number is a headline-grabber. That's a big jump for the second month and we're back near cycle highs in a further sign that the BOC won't be in any rush to follow the rest of the world into a cutting cycle.
The jobs picture is also a bit better than the headline with full-time jobs growing at a solid clip and all the weakness on the part-time side. If you average out the past 3, 6 or 12 months of jobs growth, it remains at some of the best levels of the past decade.
