Just to avoid any confusion out there re my recent CAD posts and references to today’s jobs data the figures are being republished due to an error by StatsCAN last week, and market conjecture suggests the original release was understated.
The original report published on Aug. 8 added just 200 jobs during the month, compared with a consensus forecast of 20,000, and that 35,400 people left the labour force
The monthly labour report is among the most watched economic indicators and news of the botched release adds uncertainty to today’s C$3.4 billion ($3.1 billion) sale of federal government two-year bonds.
Sylvie Michaud, director general at the agency’s education, labor and income branch, said the human error was related to the start of a survey overhaul that is scheduled to be finished around January. The change “isn’t related” to new methodology used to complete the last census, she said.
Statistics Canada said it “takes this matter very seriously and is immediately launching a review of the data verification”
Ryan had the heads-up here and thanks to Ken for the link to this piece from Bloomberg
