Unemployment rate 6.3% vs. 6.2% estimate
The Canada that change in employment came in at 35.3 K versus 15 K estimate. The prior month was plus 10K.
- Unemployment rate rose to 6.3% versus 6.2% estimate and 6.2% last month
- full-time employment change +88.7 K versus +112K last month
- part-time employment change -53.4 K versus -102K last month
- Participation rate 65.7 versus 65.6
- Employment rose in several industries, led by "other services;" construction; information, culture and recreation; and agriculture. Employment declined in wholesale and retail trade.
- The number of private sector employees rose by 39,000 in October, while public sector employment was little changed
- Employment was up by 21,000 in the "other services" industry in October.
- In construction, employment rose by 18,000 in October
- There were 15,000 more people working in information, culture and recreation industries in October
- In October, employment in agriculture increased by 6,100
- Manufacturing employment edged up in October (+7,800) and was up by 51,000 (+3.0%) on a year-over-year basis
- Employment was down by 36,000 in trade, mostly in wholesale
Better than expectations sans the tick up in the unemployment rate. The move up in the participation rate probably contributed to the pickup in the unemployment rate.
The USDCAD has moved lower on the initial reaction. The US job gain was less that expectations (jobs and hourly earnings). The pair approaches its 38.2% of the move up form the October 19 low at 1.2738. The pair gapped below its 200 hour MA (green line in the chart below) after the report. The 50% is at 1.2683.
