Highlights of the September 2018 Canadian employment report

  • Prior for August was -51.6K (July was +54.1K) . unrevised
  • Full time employment -16.9k versus +15 K expected. Last +40.4K
  • Part time +80.2k versus +20.0k expected. Last-92K .
  • Unemployment rate 5.9% versus 5.9% expected. 6.0% last
  • Hourly earnings permanent employees YoY 2.2% versus 2.6% expected. Last 2.6%

The headline number for employment was higher than expected. However, all the jobs gains were in part-time employment. In addition, for the 2nd straight month the hourly earnings permanent employment was much lower than expectations. The rate this month came in at 2.2% versus 2.6% expected. In the August report, the number fell to 2.6% from 3%. Earnings are going the wrong way.

Here is the chart:

The initial reaction was for a lower move in the USDCAD. The price has rebounded back to (and now above) the pre-release level (lower CAD) as the market digests the data.