July employment report. Unemployment rate for July 6.3% vs 6.5% last

The Canada net change in employment came in a little weaker than expected but in line for the most part at 10.9K vs 12.5K

  • The unemployment rate fell though to 6.3% vs 6.5%.
  • The rate is the lowest since October 2008
  • The full time employment change was strong at +35.1K
  • Part time employment was lower at -24.3K
  • 12 months employment rose 388K (+2.1%) mostly on the back of full time jobs (+354K or +2.4%).
  • 12 month hours worked increased by 1.9% as well
  • Manufacturing +14K

Not a bad report with the unemployment rate at the lowest since the 2008 recession. Jobs are full time. That brings more stability to the worker (and higher wages).

The USDCAD is taking its clues from the USD side. US job gains came in better than expected and cracked the 200K level at 209K.