Canada Produces Whopping 94,000 New Jobs, CAD Rallies

November Full-Time Jobs +89,900; Part-Time +4,100

  • Canada November Average Hourly Wages +1.7% From Year Ago
  • Canada Labor Force +77,200 In November From October
  • Canada November Participation Rate At 65.4% vs 65.2% In October

Canadian job growth surged last month, exceeding market expectations by a wide margin, as gains in full-time hiring helped push the unemployment rate to its lowest level in more than 40 years.

The Canadian economy added a net 94,100 jobs in November vs. expectations for an increase in employment of +10,000.

Canada’s jobless rate fell to 5.6% in November, down from 5.8% in the previous month. Market expectations were for the jobless rate to remain at 5.8%.

Meanwhile, average hourly wage growth decelerated to 1.7% y/y, down from 2.2% in October.

The has rallied aggressively, 0.85% to C$1.3306.

USD/CAD for Dec. 6-7, 2018.

USD/CAD for Dec. 6-7, 2018.

Stateside, U.S. Treasury yields and dollar are heading back down after the weaker-than-expected jobs figures (+155K vs. +198Ke). The yield on the 10-year is at +2.883%, after eclipsing +2.90% earlier this morning. The Dollar Index is down -0.2% after rising earlier in the day.

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