Canada's economy adds 46,700 jobs in September
Adds comments
TORONTO, Oct 11 (Reuters) -Canada's economy gained a net 46,700 jobs in September, more than expected, and the jobless rate edged down to 6.5%, Statistics Canada data showed on Friday.
Market reaction: CAD/
Link: https://www150.statcan.gc.ca/n1/daily-quotidien/241011/dq241011a-eng.htm
COMMENTARY
ANDREW KELVIN, HEAD OF CANADIAN AND GLOBAL RATES STRATEGY, TD SECURITIES
"It is a stronger jobs report than anticipated. A pretty healthy increase in employment and obviously the full-time, part-time split was very constructive. The unemployment rate change I don't want to read too much into because that was entirely due to a decline in the participation rate."
"As much as this is consistent with our view for the Bank of Canada to cut by 25 basis points later this month, I do feel compelled to reiterate that this is a highly volatile data series and it probably should not have too much weight on the Bank of Canada's decision later this month."
"The upcoming Business Outlook Surveys and what they have to say about future employment are more likely to impact monetary policy decisions."
DOUG PORTER, CHIEF ECONOMIST AT BMO CAPITAL MARKETS
"Lots of signs of strength after a pretty sluggish summer, arguably the most important number here is the fact that the unemployment rate here dipped in the month after charging higher for most of the past year."
"It is very encouraging to see the unemployment rate take a step back."
"We all know how volatile Canadian job numbers can be so I don't think anyone is going to put too much thought in any one number. But I think the important thing here is that the economy is not rolling over, and maybe just maybe it is beginning to pick back again, we shall see."
"The business outlook survey comes out later today so that will be just as important for the Bank of Canada when they decide on rates, but certainly, this makes a strong case for a 25 basis point cut and not a 50 basis point."
KATHERINE JUDGE, SENIOR ECONOMIST, CIBC CAPITAL MARKETS
"The Canadian labour market sent mixed signals in September, as a strong 47,000 jobs were added, above the 27,000 expected, but the headline masked some weaker details."
"Overall, the mixed report isn't enough to make a 50 bp (basis point) cut a sure thing in October, but the BoC's Business Outlook Survey later this morning and CPI report next week could still make that outcome possible if they look soft enough."
STEPHEN BROWN, DEPUTY CHIEF NORTH AMERICA ECONOMIST, CAPITAL ECONOMICS
"The stronger rise in employment and fall in the unemployment rate in September were largely due to a seasonal quirk, as the weak summer jobs market meant that fewer young workers left positions than usual at the start of the school year, which translated into a seasonally adjusted employment gain."
"Nonetheless, as all of the gain was thanks to a jump in private sector hiring, which the Bank (of Canada) is paying close attention to, the chance of a larger 50 bp (basis point) cut later this month has declined."
Reporting by Fergal Smith and Divya Rajagopal; Editing by Caroline Stauffer
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