Canada Average Weekly Earnings 2.58% vs 2.56% y/y prior

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Sept payroll employment, earnings and hours report from Canada

  • Average wages 
  • Payroll employment  in Sept
  • Payroll employment  since Feb
  • Total employment 
  • Hours worked % in Sept

This is old news as the October jobs data is already out. Some highlights from October were.

  • Total hours worked were up 1.0% in October, and were 0.6% below their pre-pandemic level.
  • The unemployment rate fell 0.2 percentage points to 6.7% in October, a 20-month low and within 1.0 percentage points of the rate (5.7%) in February 2020.
  • The adjusted unemployment rate-which includes people who wanted a job, but did not look for one-was 8.7%, the lowest rate since the onset of the pandemic.
The BoC took a hawkish shift at their last rate meeting and short of some terrible domestic data the CAD remains a buy on deeper dips. However, a lot of the good news was priced in before the last meeting, so really need to see deeper dips before buyers get seriously interested again.

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