The Canadian economy added a net 32,300 jobs in March on a seasonally adjusted basis, all of which were in the full-time category. Market expectations were for a net gain of 20,000.
- Full Time Employment Change: +68.3k vs. -39.3k prior
- Part Time Employment Change: -35.9k vs. +54.7k prior
- Participation Rate: 65.5% v 65.5% prior
Canada’s unemployment rate was unchanged at 5.8% last month as the labor force expanded and full-time hiring surged, partially retracing steep job losses that took place in January.
The loonie has caught a bid on the strong report, currently up +0.15% at CAD$1.2751
U.S. Job Growth Slows in March; Unemployment Rate Holds at +4.1%
The pace of hiring stateside slowed in March and the unemployment rate held at a 17-year low.
U.S. nonfarm payrolls rose a seasonally adjusted 103,000, a sharp slowdown from February’s gain of 323,000 (revised).
The unemployment rate was a seasonally adjusted to 4.1% for the sixth consecutive month.
Figures for January and February were revised down, subtracting 50,000 jobs from the first two months of the year. The U.S. added 326,000 in February and 176,000 in January.
Note: In Q1, employers have added an average of 202,000 workers to payrolls, outpacing last year’s average growth of 182,000, per report.
A tighter labor market should also produce better wage growth, but so far that’s failed to materialize. Average hourly earnings for all private-sector workers increased +8c to +$26.82. Wages rose +2.7% y/y in March.
Stock futures have edged slightly lower after the release, while the U.S. 10-year Treasury yield has edged lower, down 2 bps to 2.8%, while the USD has slipped 0.2% against G7 currency pairs.
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