Unemployment rate 6.5 % vs 6.6% last
The Canada employment report was stronger than expected at +45.3K net change in employment vs 10K estimate. The unemployment rates was also a beat at 6.5% vs 6.6% estimate.
The small caveat to the stronger report is the jobs were centered in part time jobs
- Full time employment up 8.1K vs 77.0K last month
- Part time eimployment was up 37.1K vs -22.3K last month
Although most in part time, the prior month was strong. So having a more modest number is not all that surprising.
The Participation rate came in at 65.9 vs 65.8 last month.
Overall, a good report.
The USDCAD has moved lower and tests the weeks low at 1.2911 currently. That is also the lowest level since September 2016.
