Canada March employment +72.5K vs +80K expected

• Unemployment rate 5.3% vs 5.3% expected (prior 5.5%)
• Full time +92.7K vs 121.5K prior
• Part time -20.3K vs 215.1K prior
• Participation rate 65.4% vs 65.4 exp (prior 65.4%)
• Avg hourly wages 3.7% y/y vs 3.3% prior
• Total hours worked +1.3% m/m
• Employment among those aged 55 or over rose 39K
• Services +42K
• Goods +31K
• Employment to population 62.4%

The fall to 5.3% unemployment marks the lowest Canadian reading since records began in 1976. The adjusted unemployment rate—which includes people who wanted a job, but did not look for one—was below its pre-pandemic level for the first time at 7.2%.

At some point in the very-near future there won't be much jobs growth because labour supply will be largely tapped out. We're seeing the over-55 cohort pulled back into the work force and Canada has heavy immigration so there will still be growth but +25K will soon be a 'good' number.

CAD CAD The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i The Canadian dollar (CAD) is the official currency of Canada and at the time of writing is the fifth most-held reserve currency in the world behind only the US dollar, euro, Japanese yen, and British pound.The CAD is commonly referred to as the Loonie by forex analysts and traders. At the time of writing, the CAD accounts for 2% of all global currency reserves.Its appeal is strong among central banking authorities given Canada’s economic strength, sovereignty, and historic stability.Originally i Read this Term is largely unchanged after the report but even with a 50 bps hike next week, the BOC could signal more half-point hikes because of the strong jobs backdrop.