Canada September employment change +21.1K vs. +20.0K expected

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Canada September employment change +21.1K vs. +20.0K expected

<ul><li><a href="https://www.forexlive.com/news/canada-august-employment-397k-vs-150k-expected-20220909/" target="_blank">Prior report</a> -39.7K revised to -xx.xK</li><li>Employment change 21.1Kvs 20.0K expected</li><li>unemployment rate 5.2% vs 5.4% expected and 5.4% last month</li><li>Full-time employment 5.7K vs -77.2K last month</li><li>part-time employment 15.4K vs +37.5K last month</li><li>participation rate 64.7% vs 64.8% last month</li><li>average hourly wages 5.2% vs 5.6% last month</li><li>public-sector employment increased by 35K</li><li>private sector employment was little changed</li><li>self-employment was little change in September from both the monthly and year over year basis</li></ul><p>The report is more or less in line with expectations. The unemployment rate did dipped to 5.2%. Average hourly earnings also fell from 5.6% last month to 5.2% this month. Nevertheless it was the 4th consecutive month above 5%. Average hourly earnings that were up in a nearly all industries on a year-over-year basis.</p><p>The USDCAD moved higher initially as US employment data was tilted to the upside. The high price extended to 1.37597, which was just below the early European session high of 1.3760. The current price is back down to 1.3740. The price was at 1.3721 just prior to the report.</p><p>Bank of Canada's Macklem spoke on Wednesday and said:</p><ul class="text-align-start vertical-align-baseline"><li class="vertical-align-baseline">labor market remains tight and economy is in excess demand </li></ul><p>The most focus was on inflation where he said</p><ul class="text-align-start vertical-align-baseline"><li class="vertical-align-baseline">inflationary pressures have yet to ease</li><li>we haven't yet to see clear evidence that underlying inflation in Canada has come down</li><li>domestic inflationary pressures have yet to ease</li><li>even after stripping out CPI components that are volatile or don't reflect generalized price changes, inflation is running at about 5%. That's too high</li><li>forward-looking indicator suggests Canadian economy is slowing</li><li>labor markets remain tight and economy is in excess demand</li></ul><p>The Bank of Canada is likely to continue their tightening program going forward, but so too will the Fed. </p>

                This article was written by Greg Michalowski at forexlive.com.

Source: Canada September employment change +21.1K vs. +20.0K expected

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