Sept payroll employment, earnings and hours report from Canada
Delay at source
- Payroll employment, as measured by the Survey of Employment, Payrolls and Hours (SEPH), rose by 91,100 (+0.5%) in September, the fourth consecutive monthly increase
- SEPH Payroll employment -1.5% lower than Feb 2020
This is old news as the October jobs data is already out. Some highlights from October were.
- Total hours worked were up 1.0% in October, and were 0.6% below their pre-pandemic level.
- The unemployment rate fell 0.2 percentage points to 6.7% in October, a 20-month low and within 1.0 percentage points of the rate (5.7%) in February 2020.
- The adjusted unemployment rate-which includes people who wanted a job, but did not look for one-was 8.7%, the lowest rate since the onset of the pandemic.
The BoC took a hawkish shift at their last rate meeting and short of some terrible domestic data the CAD remains a buy on deeper dips. However, a lot of the good news was priced in before the last meeting, so really need to see deeper dips before buyers get seriously interested again.
