Highlights of the September Canadian jobs report:

  • Prior was +12.0K
  • Unemployment 7.1% vs 7.0% expected
  • Prior unemployment rate 7.0%
  • Full time jobs -61.9K
  • Prior full time jobs +54.4K
  • Largest drop in full-time employment since Oct 2011
  • Part time jobs +74.0K
  • Prior part time jobs -42.4K
  • Participation rate 65.9% vs 65.8% expected
  • Prior participation rate 65.9%

The headline is a touch better but don't let it fool you, this is a soft report with a big decline in full-time jobs that erases the gain last month. Unemployment rose despite a steady reading on labour-force participation.

The year began with unemployment at 6.6% and it's been a steady rise higher.

USD/CAD is higher to 1.2948 from 1.2900 after the release. Unless oil can catch another bid (definitely possible with the breakout above $50) then that should halt the decline in USD/CAD.

Full-time jobs fell by the most in nearly 4 years.