Canada: Employment bounced back strongly in August – NFB

Data released today showed that employment recovered strongly in August in Canada. Matthieu Arseneau, analysts at National Bank of Canada  

Key Quotes:

“Canada’s employment surged 81K in August according to the Labour Force Survey, significantly above the 20K increase expected by consensus. Despite this huge gain, the jobless rate remained unchanged at 5.7% as the participation rate increased two ticks at 65.8%.”

“The August employment report was well above expectations following a temporary lull in July and June. We take comfort that despite current global uncertainties, hiring from corporations has not been negatively impacted for now.”

“Private-sector jobs in Canada now stand at a record high thanks to a strong rebound in August that more than offset the plunge registered in July.”

“So far in 2019, employment in Canada is up a whopping 304K, the best performance since 2002 for the 8 first month of the year. No less than 230K were full-time positions and 237K are coming from the private sector (best tally since 2002 for both).”

“While trade disputes remain a concern for global growth going forward, the booming labor market in Canada does not argue for monetary stimulus at this point.”