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Canada Job Gains Double Forecast, Wages Still Running Hot

CANADA DATA
  • Canada's unemployment rate rose to +5.8% from +5.7% as expected, employment doubled expectations, increasing +40.7K vs consensus for +20K.
  • Employment gain was driven by full time workers +70.6K MOM. Part time employment moderated gains with -29.9K. 
  • Average hourly wages +5% YOY, prior +5.3%; the BoC's rate decision this week said wage pressures were easing. 
  • Hours worked +0.3% MOM, +1.3%.
  • Canada's population +83.4K in Feb, and the labour force +76.4K.
  • Employment rate fell by 0.1 pp to 61.5%, the fifth consecutive decline and the longest string of decreases since April 2009. Immigration is causing record population growth which is outpacing employment growth. 

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