CIBC reacts to the 9.3K jobs added in Canada
CIBC Research discusses its reaction to today's Canada jobs report for the month of December.
"Another month, another increase in Canadian employment, albeit a more modest one than in the prior period. Following an explosive gain of 94k jobs in November, the labour market created an additional 9k to close out the year. That the headline number didn't reverse any of the prior increase is a positive indicator, and kept the unemployment rate at an historically low 5.6%.
That said, there were a few flies in the ointment. Average hourly earnings for permanent workers remained at a cool 1.5%. All of the job creation also came from the part-time sector, with full-time job employment declining 19k. Furthermore, paid-employment fell 37k during the month, leaving it to self-employment to make up the gains.
As a result, the report is a bit of mixed bag, with nothing that should move markets much. The Canadian dollar is, however, weaker versus the greenback given the upside surprise in US non-farm payrolls today," CIBC notes.
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