May 2019 Canada Unemployment report
- Net change in employment 27.7 K versus 5.0 K estimate. Last month 106.5 K
- Unemployment rate 5.4% versus 5.7% estimate. Last month 5.7%.
- full-time employment 27.7 K versus 9.0 K estimate. Last month 73.0
- part-time employment 0.0 K versus 0.5 K estimate. Last month 33.6 K
- unemployment rate lowest since 1976
- Total jobs created over the last year 453,100
- number of people unemployed dropped by 76,900. This was the biggest one-month decline since 1993
- The labor force dropped by 49,200 in May one of the largest one-month declines.
- A not so bright point in the report is taht 61,500 were in the category of self-employed. The number of "employees" declined.
- annual hourly wages accelerated to 2.8% in May from 2.5% in April.
- pay gains for permanent employees were steady at 2.6%
- Total hours worked slow to 1% annual gain from 1.3% in April
The data is once again stronger than expectations (comes off a very strong 106.5K rise last month). The quality of the jobs growth also shows decent numbers with a 27.7K rise in full-time employment (all gains were in the full time sector). The unemployment rate has fallen to the lowest level since 1976
The USDCAD is lower on the back of the weaker US report and stronger Canada report.
