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Impressive Canadian Employment, Sending USD/CAD Lower
The Canadian economy started recovering from the hole it fell in during lock-downs, but the recovery started later than other countries and it looked weaker. Even so, in August and September we have seen the recovery weaken again. Although, today’s employment report was quite impressive, improving the sentiment for the CAD.
Canada employment statistics for September 2020
- Change in employment 378.2K vs 150K expected
- Full-time employment 334K vs 205.8K expected
- Part-time employment 442.K vs 40.0 expected
- Unemployment rate 9.0% vs 9.8% expected
- Hourly wage rate permanent employees 5.4% vs. 5.6% estimated
- Participation rate 65.0% vs. 64.7% previously
- Goods producing added 75.1 K vs. 27.6 K last month
- Service producing added 303.1k vs. 205.8K last month
- Private employment rose 259.8 K vs. 275.5 K last month
- Public employment rose 143.6 K vs. 28.3 K last month
- Self-employment fell -25.1 K in September vs. minus 58K in August
- The labor force rose by 163.9 K in September
Better-than-expected numbers across the board with the bigger rise than expectations in the net change in employment and the sharp decline in the unemployment rate. USD/CAD lost around 50 pips after this report, as the CAD moved higher and the USD declined again.
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