Highlights of the September Canadian jobs report:
- Prior was +12.0K
- Unemployment 7.1% vs 7.0% expected
- Prior unemployment rate 7.0%
- Full time jobs -61.9K
- Prior full time jobs +54.4K
- Largest drop in full-time employment since Oct 2011
- Part time jobs +74.0K
- Prior part time jobs -42.4K
- Participation rate 65.9% vs 65.8% expected
- Prior participation rate 65.9%
The headline is a touch better but don't let it fool you, this is a soft report with a big decline in full-time jobs that erases the gain last month. Unemployment rose despite a steady reading on labour-force participation.
The year began with unemployment at 6.6% and it's been a steady rise higher.
USD/CAD is higher to 1.2948 from 1.2900 after the release. Unless oil can catch another bid (definitely possible with the breakout above $50) then that should halt the decline in USD/CAD.
Full-time jobs fell by the most in nearly 4 years.
