- Canadian Net Change in Employment rose by a scant 14.5K in October, missing the forecast 25K and well below September’s 46.7K print.
- Average Hourly Wages also grew 4.9% YoY in October, rebounding from September’s slowdown to 4.5%.
- With wages back on the rise, inflation expectations are likely to remain elevated, crimping the BoC’s hopes to single-handedly restart Canada’s growth engine using steep interest rate cuts.
- The US Consumer Sentiment Index also rose on Friday, with November chalking in an upswing to 73.0 in aggregated consumer survey results. Markets anticipated a much more moderate upswing to 71.0 from the previous 70.5.
- Despite a wider miss in Canada’s jobs figures for October, the Canadian Unemployment Rate held steady at 5.5% versus the forecast uptick to 6.6%. However, the on-balance Unemployment Rate print is likely due to long-term unemployed workers dropping out of the unemployment reference period as the Canadian Labor Force Participation Rate continues to sink below 65%.
- Canada’s LFPR last printed at 64.8%, and hasn’t been this low since the global recovery from the COVID pandemic in mid-2020.
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