August 09, 2024 at 01:30PM
Prior month -1.4K
Employment change -2.8K vs +22.5K expected
Unemployment rate 6.4% vs 6.4% expected (up 0.9% y/y)
Prior month employment rate 6.4%
Full-time employment +62.0K vs -3.4K prior
Part-time employment -64.4K vs +1.9K prior
Participation rate 65.0% vs 65.3% prior
Average hourly wages y/y 5.2% vs 5.4% last month
These are back-to-back negative numbers, though they’re mitigated somewhat by the gain in full time jobs. That said, the unemployment rate would have risen notably if not for the sharp drop in participation.
USD/CAD has been volatile in the aftermath but I see this as a clear sign of slowing. Combine it with the latest RBC spending tracker and it’s abundantly clear that Canada’s economy is turning lower.
Key changes by industry:
Wholesale and retail trade: -44,000 (-1.5%)
Finance, insurance, real estate, rental and leasing: -15,000 (-1.0%)
Public administration: +20,000 (+1.6%)
Transportation and warehousing: +15,000 (+1.4%)
Utilities: +6,200 (+4.2%)
Here is the kicker:
Public sector +41K
Private sector -42K
Year-over-year:
Public sector +205K
Private sector +86K
This article was written by Adam Button at www.forexlive.com.
