The scope of the impact of Hurricanes Harvey and Irma on U.S. jobs was greater than expected in September, as the country’s economy suffered its first contraction in monthly job data in seven years. Close to 1.4 million employees had to miss work in September due to storms. The greenback nevertheless reacted positively, as investors’ attention was drawn to rising wages, which nudged up 0.5% for the month.
In Canada, job creation by and large met economists’ expectations. As was the case south of the border, the strong point was the increase seen in wages in September, a sign that the job market is approaching full employment.
The loonie is starting off the week in positive territory, with WTI crude oil up close to 1.35% this morning in the wake of positive comments from OPEC Secretary General Mohammed Barkindo. In his opinion, the oil market is very close to balance thanks to the efforts of OPEC member nations and slowing growth in U.S. output.
This morning, we’ll be keeping an eye on Canadian Housing Starts to take the pulse of the country’s real estate market.
Mark Donohue
Range of the day: 1.2460 – 1.2580