Canadian September employment 11.9K vs 10.0K expected
Results of the September jobs report from Statistics Canada:
- In August, Canada added 59.2K jobs
- Unemployment drops to 6.9% compared to 7.1% prior (no change was expected)
- Full time jobs +23.4K
- Part time jobs -11.5K
- Participation rate 66.4% vs 66.6% expected
- Self employed fall 45K, employees rise 57K
The headline is mildly positive (ie negative for USD/CAD) but the details are upbeat, especially the part time/full time breakdown. The unemployment rate isn’t particularly impressive because it comes entirely on a drop in the participation rate.
At the margin, the rising number of employees is positive because people with stable jobs are more likely to borrow and spend because of they have more certainty. On the downside, they might be less dynamic, productive and innovative.