Wildly strong Canadian jobs report
- Prior +11.2k
- Full-time employment change +89.9k
- Prior +33.9k
- Part-time employment change +4.1k vs -22.6k prior
- Unemployment rate 5.6% vs 5.8% expected
- Prior 5.8%
- Hourly earnings (permanent employees) +1.5% vs +1.8% y/y expected
- Prior earnings +1.9%
- Participation rate 65.4% vs 65.2% expected (65.2% prior)
That's an extremely strong number. It's the best since at least 1976, which is as far back as my records go; probably the best ever.
Not only did the unemployment rate drop two ticks but the participation rate rose two ticks. Had participation stayed flat, the unemployment rate would have dropped to 5.4%.
The caveat is the drop in wage growth but this really makes it hard for the BOC to stick to the line that the economy has slowed.
