Canada employment change January 2018 -88k vs 10k exp

January 2018 Canadian employment report 9 February 2018

Prior 78.6k
Unemployment rate 5.9% vs 5.8% exp. Prior 5.7%
Full-time change 49.0k vs 23.7k prior. Revised to 2.7k
Part-time change -137.0k vs 54.9k prior. Revised to -5.1k
Participation rate 65.5% vs 65.8% prior
Average hourly wages for full-time workers 3.3% vs 2.9% prior y/y

That’s confirmed my musings that there’s been a lot of seasonal factors at play over the holiday period as that’s a huge drop and also in the part-time component. What is positive is that the full-timers rose again, and that’s the best news from the report (althought the revisions to last month take some shine off). Also the wages number looks strong.

USDCAD bolted to 1.2685 but is trading back at 1.2645 now.