TORONTO (Reuters) – Canada’s financial local weather included 14,500 duties in October and the out of labor worth held at 6.5% from September, Statistics Canada data revealed on Friday.
Market response: [CAD/]
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DISCOURSE
NICK REES, ELDERLY FX MARKET EXPERT AT MONEX EUROPE LTD
“Jobs gains slipped back in October, as we expected with less help from seasonal adjustments this month. But the unemployment rate stabilising at 6.5% might give the BoC some pause for thought when considering another 50 bp (basis point) rate move in December, keeping USD-CAD treading water for now.”
ANDREW GRANTHAM, ELDERLY FINANCIAL EXPERT, CIBC FUNDING MARKETS
“Canadian employment growth was lackluster in October, with the unemployment rate only holding steady because of a further decline in labour market participation.”
“With one more employment report before the Bank’s next interest rate decision, today’s release was never going to close the book on the 25 vs 50 bp (basis point) cut debate. The mixed nature of today’s data didn’t help, but we continue to lean towards another 50 bp move.”
DOUG CONCIERGE, PRIMARY FINANCIAL EXPERT, BMO FUNDING MARKETS
“For a change there is really no big surprise here from the jobs data. The headline employment increase was may be a little bit lighter than expected but may be given the wide range of possibilities in Canadian jobs report this is pretty much as expected. It is slightly notable that the unemployment rate held steady at 6.5% whereas a modest back up was expected. Some of the details were slightly better than the headline would suggest including the fact most of the gains were in fulltime private sector jobs and manufacturing, but from a big picture point of view this is consistent with the economy that is seeing a modest growth.”
ANDREW GRANTHAM, ELDERLY FINANCIAL EXPERT, CIBC FUNDING MARKETS
“Canadian employment growth was lackluster in October, with the unemployment rate only holding steady because of a further decline in labour market participation.”
“With one more employment report before the Bank’s next interest rate decision, today’s release was never going to close the book on the 25 vs 50 bp (basis point) cut debate. The mixed nature of today’s data didn’t help, but we continue to lean towards another 50 bp move.”
ROBERT BOTH, CANADIAN MACRO PLANNER AT TD STOCKS
“It definitely seems a little bit muted. You know, we and the market were already looking for job growth to slow down a touch from last month, and with the 14,000 in October, the six months trend actually looks considerably weaker at just 18,000 over the last six months.”
