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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI 5 THINGS:Canada Employment +31.8k, Tops Expectations>
--5 Things We Learned From Canadian Labor Force Survey Data
By Yali N'Diaye
OTTAWA (MNI) - The following are the key points from the June data
on the Canadian Labor Force Survey released Friday by Statistics Canada:
- The economy added 31,800 jobs in June, more than the 18,000 gain
expected by analysts in a MNI survey. The overall picture was positive,
although not as much as the headline would suggest: part-time employment
led gains, private sector employment was down, and wage growth slowed.
Part-time positions led the June increase (+22,700), which still left
the first quarter down 118,200. Full-time employment rose 9,100 in June,
for a quarterly gain of 78,000. Overall, the economy shed 40,300 jobs in
the first quarter due to weakness in part-time employment, the largest
such drop since the second quarter 2009.
- The unemployment rate rose 0.2 percentage points to 6.0% in June,
the highest since October 2017. However, the participation rate rose to
65.5% from 65.3% in May.
- On wages, average hourly growth for permanent workers slowed to
3.5% in June year-over-year from 3.9% in May. It remains to be seen
whether the recent trend toward an acceleration is just marking a pause,
especially since hiring intentions are broad based in the Bank of
Canada's latest Business Outlook Survey. Some firms anticipate to raise
wages in response to labor shortages.
- Goods-producing industries led June's increase, with 46,600 jobs
created, the most since April 2012. Gains were recorded across the major
categories, except for agriculture. Manufacturing was up 11,300,
construction up 27,200, the largest increase since February 2016, and
natural resources up 12,900, the largest gain since September 2014.
Services jobs fell 14,700, with wholesale and retail trade and
accommodation and food particularly weak.
- The private sector shed 2,000 jobs in June, while the public
sector added 11,800. Self employment rose 22,000, while the number of
employees rose 9,800.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.