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Jobs Report Stronger Than Expected Across The Board

CANADA DATA
  • Jobs growth doubles expectations in August, rising 39.9k (cons 20k) to bounce back strongly after -6k in July. It’s driven full-time positions (32k) whilst the six-month average remains at a healthy 25k and
  • It meant the unemployment rate only increased from 5.47% to 5.52%, better than consensus of 5.6% despite a 54k increase in the labour force.
  • Hourly wage growth of permanent employees (the series on the BBG calendar) also beat expectations, surprisingly accelerating to 5.2% Y/Y (cons 4.7) from 5.0% Y/Y. It’s the highest since April. Recall the BoC has noted in recent days that “Wage growth has yet to show clear signs of moderation, with most measures around 4% to 5%”.

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