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Vacancy Rate Continued To Plateau In February

CANADA DATA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Today’s SEPH release showed payrolled employment fall 18k in February after a downward revised 36k (initial 40k) in Jan.
  • It compares with employment in the household survey rising 41k in Feb after 37k in Jan, before the surprise 2k decline in Mar.
  • More notable readings from the SEPH release are wage data, where the industrial aggregate accelerated from 3.1% to 4.0% Y/Y whilst the fixed-weight measure increased from 3.6% to 4.1% Y/Y.
  • These are noisier wage data the household survey measures, but the uptick adds at the margin to today’s increase in CFIB wage plans over the next twelve months even if it remains below the ~5% Y/Y increases seen elsewhere.
  • Vacancies meanwhile increased from 635k to 657k (highest since Nov) with a similar story for the vacancy rate increasing a tenth to 3.7%. This rate has broadly plateaued in recent months, above the 3.2% averaged in 2019.
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  • Today’s SEPH release showed payrolled employment fall 18k in February after a downward revised 36k (initial 40k) in Jan.
  • It compares with employment in the household survey rising 41k in Feb after 37k in Jan, before the surprise 2k decline in Mar.
  • More notable readings from the SEPH release are wage data, where the industrial aggregate accelerated from 3.1% to 4.0% Y/Y whilst the fixed-weight measure increased from 3.6% to 4.1% Y/Y.
  • These are noisier wage data the household survey measures, but the uptick adds at the margin to today’s increase in CFIB wage plans over the next twelve months even if it remains below the ~5% Y/Y increases seen elsewhere.
  • Vacancies meanwhile increased from 635k to 657k (highest since Nov) with a similar story for the vacancy rate increasing a tenth to 3.7%. This rate has broadly plateaued in recent months, above the 3.2% averaged in 2019.