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Canada gained 67k new jobs in October (0.3% m/m), defying forecasters, and building on September’s gain. Gains through September and October have now offset losses in July and August. However, the details were mixed, with the private sector driving the increase (+73k), but positions were mainly part-time (+85K). Job gains pushed the unemployment rate down […]

The post Canada’s Job Market Hits a Double in October, Unemployment Rate Falls to 6.9%  appeared first on Action Forex.

The Copper price has recently fallen significantly from its record high at the end of October of just over $11,000 per ton, Commerzbank’s Head of FX and Commodity Research Thu Lan Nguyen notes.

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Canada’s labor market surprised to the upside once again in October, as employment jumped by 66.6k, far exceeding expectations of -4k decline. The robust increase followed an already strong 60.4k rise in September, signaling that continuous hiring momentum. Unemployment rate slipped from 7.1% to 6.9%, beating forecasts for 7.2%, while employment rate edged up from […]

The post Canada employment surges 66.6k in October, driven by part-time work appeared first on Action Forex.

Yesterday, the World Gold Council published data on Gold ETFs in October, Commerzbank’s commodity analyst Carsten Fritsch notes.

Canada’s Unemployment Rate ticked lower to 6.9% in October (from 7.1%), coming in below analysts’ expectations, according to Statistics Canada. In addition, the Net Change in Employment increased by 66.6K individuals (from 60.4K), while the Participation Rate improved to 65.3% (from 65.2%).

Canada Net Change in Employment above expectations (-2.5K) in October: Actual (66.6K)

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• Prior was +60.4
• Unemployment rate 6.9% vs 7.1% expected (prior 7.1%)
• Participation rate 65.3% vs 65.2% prior
• Full time -18.5K vs +106.1K prior
• Part time +85.1K vs -45.6K prior
• Hourly wages for permanent employees % vs +3.6% prior

USD/CAD was trading at 1.1402 ahead of the report and quickly fell to 1.4075.

The numbers in this report have yo-yo’d for months, making it tough to get a clean read on what’s happening with Canadian hiring. On net, the view was that it was weakening but not to a frightening degree, these past two reports could change that view. There have been signs of layoffs though so it’s tough to have any confidence in hiring, and not at this pace. If you average out the past four months, the monthly jobs growth is +5.1K, which I think is about right for where we are.

Unemployment is back to where it was in April.

The Bank of Canada cut rates this month but already signaled that it’s now on the sidelines. This certainly underscores that view.

This article was written by Adam Button at investinglive.com.

Canada Participation Rate rose from previous 65.2% to 65.3% in October