Canada net change for employment November 2019
- Net change in employment -71 point to versus +10 K estimate
- Full-time employment change -32.8 K versus 15 K estimate
- Part-time employment change -38.4 K versus +10 K estimate
- Unemployment rate 5.9% versus 5.5% estimates
- Hourly wage rate 4.4% versus 4.5% estimates
- Participation rate 65.6 versus 65.7% estimate
Other details:
- largest jump in unemployment rate since 2009
- monthly job losses most since 2009
- 3 month moving trend in employment changes -6.4 K
- yearly wage growth remains elevated
- yearly change in hours worked decelerates
- job gains were driven by business sector, +7.7 K
- manufacturing sector lost -27.5 K
- private employment fell -50.2 K versus -2.7 K last month
- public employment felt -2.3 K November versus +28.7 K last month
- good employment fell -18.7 K in November versus -27.8K last month
- service employment fell -44.4 K in 2019.
As strong as the US employment data was, Canada's employment is in the opposite direction (weak).
The USDCAD has surged on the news with the price extending back above the 100 day moving average at 1.3226. It is testing its 100 hour moving average 1.3242 above sits the 200 hour moving average at 1.3263. A weak number. The loonie is getting hit and the BOC officials who were more upbeat, have US moving along, but domestically the picture is less rosy all of a sudden.
