Volatility persisted on financial markets as world stock exchanges experienced another eventful day on Friday. However, U.S. stocks were able to erase substantial losses to close the session in the green. Nevertheless, the Dow Jones and the S&P 500 are now down 2% since the beginning of the year. The downturn has also spread to most asset classes, with WTI crude oil sliding more than 6% in the past month. The general sentiment seems to be improving this morning, however.
Meanwhile in Canada, events have been following essentially the same storyline with the interruption of the longest streak of monthly job gains (17 months) since 2000. This was the result of the largest monthly contraction recorded since 2009, as the country lost 88,000 jobs in January despite projections calling for 10,000 new hires. Although somewhat disappointing at first glance, upon closer inspection, it becomes apparent that the situation is not as alarming as it may appear. The country saw 49,000 new full-time positions, while part-time jobs suffered a loss of 137,000. This trend could very well be the result of the job market adjusting to rising minimum wages in certain provinces. Be that as it may, the continued positive outcome in terms of full-time positions shows that the economy still has a solid foundation under it.
Yusuf Kocagozli
Range of the day: 1.2525 – 1.2635