Notes From The Desk: Canadian Employment Data – Nothing To See Here
Domestic employment growth was humdrum in October.
The numbers.
- 14.7k jobs created (27k expected)
- The mix was slightly favourable, with 25.6k full-time positions generated versus 11.2k part-time jobs lost.
- The unemployment rate held steady at 6.5% (6.6% expected), aided by a 0.1% drop in the participation rate.
- Average hourly earnings rose 4.9% (4.5% expected).
- Over the past 12 months, 303k people found jobs, however, 496k people entered the workforce.
The implications.
Today’s numbers do not shed further light on whether the Bank of Canada will cut by 25 bps or 50 bps in December.
As a result, yields are unchanged after the data release, as we still have one more employment report, CPI, and GDP before the next meeting.
