01:30 PM BST, Canada - Employment Data for August:
-
Employment Change: actual -65.5K; forecast 4.9K; previous -40.8K;
-
Unemployment Rate: actual 7.1%; forecast 7.0%; previous 6.9%;
-
Avg hourly wages Permanent employee: actual 3.6%; previous 3.5%;
-
Full Employment Change: actual -6.0K; previous -51.0K;
-
Part Time Employment Change: actual -59.7K; previous 10.3K;
-
Participation Rate: actual 65.1%; previous 65.2%;
Canadian employment fell by 66,000 (-0.3%) in August, marking a second consecutive monthly decline, mostly due to part-time losses. The employment rate dropped to 60.5%, while unemployment rose to 7.1%, the highest since 2016 outside the pandemic years.
Core-aged men (-58,000) and women (-35,000) drove the decline, hitting their lowest employment rates in several years, while youth and older workers saw little change. Self-employment also decreased significantly, continuing its downward trend.
Industry-wise, losses were concentrated in professional, scientific and technical services (-26,000), transportation and warehousing (-23,000), and manufacturing (-19,000), partially offset by gains in construction (+17,000). Despite employment declines, average hourly wages rose 3.2% year over year to $36.31.
USDCAD swinged back up 0.3% after the release of labour market data for Canada and the US. Candian NFP report came in relatively weaker than its US counterpart, which pushes for more agressive easing from Bank of Canada. Source: xStation5
Daily Summary- Return of the Sell-off on Wall Streetβ¬οΈ
π΄US100 drops nearly 4%
π‘β¬οΈGold at its lowest since March
π’οΈWTI Crude Below 90 USD Tests the 100-Session Average
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
