Canada November employment +153.7K vs +35.0K expected

Canadian jobs data for November 2021:

• Prior was +31.2K
• Unemployment rate 6.0% vs 6.6% expected
• Participation rate 65.3% vs 65.3 prior
  
• Full time jobs +79.9K vs +36.4K prior
• Part time jobs +73.8K vs -5.2K prior
• Average hourly wages +3.0% y/y vs +2.1% prior
  

This is a sensational report. USD/CAD has immediately fallen to 1.2775 from 1.2817 but mixed in with that is the impact of the US non-farm payrolls report.

The unemployment rate is the lowest since February 2020 and overall jobs are now 186K above pre-pandemic levels.

The Bank of Canada meeting next week will be an interesting one. Without omicron, this would mean signals about a faster pace of rate hikes but the BOC will have to weigh that against virus developments.

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December 04, 2021 at 01:30AM
Adam Button
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