Notes From the Desk – September Employment Data
This morning’s North American data can be summarized as meeting expectations.
By the Numbers:
US
- 263k jobs created (255k expected)
- YoY wage growth as expected at 5%
- Unemployment rate dips to 3.5% (3.7% expected)
Implication:
The Federal Reserve remains on track to lift rates to around 4.5%.
Canada
- 21k jobs created (20k expected)
- Unemployment rate drops from 5.4% to 5.2%
- YoY wage growth drops from 5.6% to 5.2%
Implication:
While Canada has lost roughly 90k jobs over the past 4 month, the BoC remains on track to raise rates by at least 50 bps later this month as they head to 4% by year end.
