The Canadian jobs report produced a small miss on the headline change in jobs but also consisted of a big jump in full-time jobs. What does it mean going forward? The team at CIBC sees the BOC staying on hold through 2017.
CIBC Research comments on today Canad’a September jobs report:
Here is their view, courtesy of eFXnews:
“Canada’s job market was ho-hum in September, in line with signals of a moderation in growth. It still churned out a respectable rise in September employment, and did a flip flop in the details that reversed a perverse reading the prior month. The 10K job addition was close to consensus, but included a full time gain of 112K against a loss of 102K part time jobs, wiping out the nearly opposite story in the prior month’s survey….
Overall, the 10K pace is about what we would expect as a trend if GDP growth is tailing off to the 2% range in the second half of the year, enough of a slowdown to keep the Bank of Canada on hold until 2018,” CIBC argues.
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