Canada employment statistics for the month of October
- net change in employment -1.8K vs 15 K estimate. The prior month remains unchanged at 53.7K
- full-time employment -16.1K vs +2.5K. Prior month 70.0 K
- part-time employment 14.3 K vs 12.5K estimate. Prior month -16.3K
- unemployment rate 5.5% versus 5.5% estimate. The prior month was also at 5.5%
- participation rate 65.7% versus 65.7% estimates. Unchanged from the prior month
- hourly wage rate permit employees 4.4% versus 4.2% estimates. Prior month 4.3%
- hours worked advanced 1.3% from a year earlier which was the same as September
- the decline this month was the 1st month of job losses since July
- Canada added almost the 135,000 jobs in the prior 2 months.
- Private sector employment was unchanged with self-employment falling -27.8 K
- public sector employment added 28.7 K jobs with election related hiring contribute to the gains
- the country is added 391,000 jobs in 2019. That is the most since 2002 over that 10 month time.
- Construction manufacturing jobs were drag on the employment with a decline of -44K
- public administration and finance, insurance and real estate were sectors that added jobs in the month
After last months surge of 70K jobs (and a gain of 135K over the last two months), this month is showing a near unchanged -1.8K reading. The expectations were for 15.0K. It is not a disaster given the sharp rise over the last two months but it may tilt the Bank of Canada more toward easing down the road.
The unemployment rate remained unchanged at 5.5% as did the participation rate at 65.7%. Hourly wages were bit higher.
The USDCAD has spike higher (lower CAD) after the weaker reading. The price moved from 1.32000 up to a high of 1.3230. It currently trades at 1.3223.
