Canadian Employment Change: -40.8k (Forecast 10k, Previous 83.1k)
- Unemployment Rate: 6.9% vs 7% exp. and 6.9% previously
- Average Hourly Earnings: 3.5% vs 3.1% exp. and 3.2% previously
- Participation Rate: 65.2% vs 65.4% exp. and 65.4% previously
Employment change report from July came in weaker than expected, but unemployment rate came in steady vs June and hourly earnings surged to 3.5% vs 3.2% in June (markets expected 3.1% reading). Overall Canadian job market report is mixed, however the job loss in July was huge, significantly weaker than all estimates.
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