Canada employment change
Canada employment change
  • Prior month 37.3K
  • Employment change 40.7K vs 20.0K estimate. Highest since September 2023.
  • Unemployment rate 5.8% vs 5.8% estimate
  • Prior unemployment rate 5.7%.
  • Full-time employment 70.6K vs -11.6K last month.
  • Part-time employment -29.9K vs. 48.9K last month.
  • Average hourly wages permanent employees 4.90% vs 5.30% last month.
  • Participation rate 65.3% versus 65.3% last month

Highlights from CanStat:

  • Employment in February increased by 41,000
  • The unemployment rate rose slightly by 0.1 percentage points to 5.8%, reversing a decline seen in January.
  • Significant employment gains were observed among core-aged individuals (25 to 54 years old), with women in this group seeing an increase of 45,000 (+0.7%) and men 23,000 (+0.3%), whereas employment for women aged 55 and older decreased by 29,000 (-1.4%).
  • Provincial employment rose in Alberta (+17,000; +0.7%) and Nova Scotia (+6,300; +1.2%), but declined in Manitoba (-5,300; -0.7%), with minimal changes in other provinces.
  • The services-producing sector experienced employment gains across several industries, notably in accommodation and food services (+26,000; +2.4%) and professional, scientific, and technical services (+18,000; +0.9%), whereas educational services and manufacturing saw declines.
  • Total hours worked in February remained relatively unchanged from the previous month (+0.3%) but showed a 1.3% increase from the same month last year.
  • Average hourly wages for employees rose by 5.0% year-over-year in February to $34.82, following a 5.3% increase in January.

A solid report with full-time employment accounting for most of the job gains. The unemployment rate did rise to 5.8% but was as expected. Average hourly wages declined which is good for inflation.

The USDCAD has moved lower off the combo US/Canada jobs report. The pair is trading at the lowest level since February 9. The next target is between 1.3398 and 1.3414.