For October
Latest Official Release: Statistics Canada

Unemp. Rate: 6.2%, forecast 6.2%, pr. 6.1% (Sep), 6.1% (Aug), 6.1% (Jul),
6.2% (Jun)

The employment situation is not as dire as it is in the US. After large gains last in September, the Canadian economy in October was expected to shed jobs. Instead there was a slight increase driven by full-time work, which offset losses in part time. Also, the unemployment rate edged up due to an increase in the number of job seekers to the labor force. Yearly wage growth is at a healthy 4.3%, as it is above the current 3.4% annual rate of increase in the consumer price index.

For September
Latest Official Release: Statistics Canada

Unemp. Rate: 6.1%, forecast 6.2%, pr. 6.1%% (Aug), 6.1% (Jul),
6.2% (Jun)

From the Release: "Following a decline in July and a small gain in August, employment increased by 107,000 in September. Almost all of this increase was in part-time work (+97,000). Despite the gain, the unemployment rate was unchanged at 6.1%, as the increase in employment was matched by a similar rise in labour force participation.

There were widespread gains by industry in September. The largest increase in employment came from health care and social assistance, followed by business, building and other support services, and manufacturing. Employment also increased in transportation and warehousing, agriculture and construction.

The number of private sector employees rose by 56,000 in September, with smaller gains in the self-employed (+30,000) and the public sector (+21,000). So far in 2008, employment has grown mainly among private sector employees."

Despite the much better than expected jobs report the Canadian Dollar continued to plunge against the US Dollar. Today saw the USD/CAD pair rise from 1.1500 to 1.1830. Oil prices were down $5 to $81.60 a barrel as of 10 AM, which continues to pressure the Loonie.

For August
Latest Official Release: Statistics Canada

Unemployment Rate: 6.1%, forecast 6.2%, pr. 6.1%, 6.2%, 6.1%

The Canadian economy added 15,200 jobs in August, a rebound from last month sharp decline of 55K. The unemployment rate stayed at 6.1%, when expectations had it rising. The construction sector led the increase in employment followed by schools, hotels, restaurants and factories. The new hires tended to be full time and positions in the private sector. The data gives the Bank of Canada more time to sit on the sidelines. There doesn't seem to be a need to shore up economic growth by lowering rates, and wage inflation was contained, limiting the need for a rate increase. The Loonie firmed after the release, and extended its gains after the US payroll report.

From the Release: "Following a decline in July, employment edged up by 15,000 in August. The unemployment rate remained unchanged at 6.1%. Since the start of the year, employment has increased by 87,000 (+0.5%), a much smaller increase compared to the 221,000 (+1.3%) of the first eight months of 2007.

There was a slight increase in manufacturing employment in August. So far this year, this industry has declined by 14,000 (-0.7%), a smaller decrease compared with the same period in 2007 (-76,000 or -3.6%).

August's employment gains were mostly among private sector employees (+41,000), while there were fewer employees in the public sector (-24,000). Since the beginning of 2008, employment growth has been primarily among employees in the private sector, in contrast to strength in the public sector and in self-employment over the same period of 2007."

For July
Latest Official Release: Statistics Canada

Unemployment Rate: 6.1%, forecast 6.2%, pr. 6.2%, 6.1%

The Canadian labor market is slowing significantly. The economy shed 55,200 jobs, 7,100 of which from full-time posts, and a dominant 48,100 from part-time posts. The 55.2K decline is the largest monthly job loss since February 1991. Manufacturing led the cuts, slashing 32,000 in July. Also, job losses were only notable in the private sector, while there were some job growth in the publich sector.

The jobless rate improved to 6.1% due to a large number exiting the workforce, especially younger employees. Also hourly wage inflation declined to an annual rate of 4.0% from 4.4% in June. The numbers reflect an economy in the down turn.The two recent months of employment decline is comparable to a period in the 1991 recession.

The Canadian dollar has already been soft due to the receding crude oil prices. Another warning from this poor jobs data put further pressure on the Canadian dollar which slipped more than 100 pips against the greenback in the hour following the releas, and continues to be dominated by the dollar after another set of positive US economic release this morning.

For July
Latest Official Release: Statistics Canada

Employment Change: pr. -5.0K

See "Employment Change" for commentary.

For June
Latest Official Release: Statistics Canada

Unemployment Rate: 6.2%, forecast 6.1%, pr. 6.1%

The Canadian economy shed 5K jobs in June, surprising forecasts on the downside. Expectations were for a 10K gain. The unemployment notched up to 6.2%, the highest since April 2007. The news shows that the slowdown in the US may be spreading to the Canadian economy. The report may also have an effect on the Bank of Canada as it walks a fine line between warning about rising inflation and weaker growth. In its last meeting, the Bank held rates steady when expectations were for a rate cut. The economy lost 39.2K full-time jobs in June, while adding 34.2K part-time jobs.

From the Release: "The only industry with a notable employment increase in June was professional, scientific and technical services, where monthly gains totalled 37,000. This industry has been among the top industries for employment growth since June 2007, along with construction; public administration; and health care and social assistance.

Industries with declines in June included: business, building and other support services; health care and social assistance; as well as construction. While manufacturing was unchanged in June, it was down 1.6% (-33,000) from a year ago."

The news gave the greenback a boost against the Canadian Dollar, with the USD/CAD jumping 60 pips following the release.

For June
Latest Official Release: Statistics Canada

Employment Change: -5.0K, forecast 10.0K, pr. 6.1%

See "Employment Change" for commentary. 

Following a couple months of small increases, employment change for May was essentially flat, and was 2.0% higher than May of last year. The unemployment rate remained at 6.1% but the participation rate was at a record high 68%. Notable gains in employment were seen in the labor force for women as well as those between 20 and 24. Also, any gains this month came mostly from Quebec. With expectations of a higher employment growth, the Canadian labor force dissapointed, yet the Loonie has been pressured of late already. Ahead of the US employment change, the loonie was only slightly pressured, as the USD/CAD climbed from 1.0200 to 1.0215 in the 15 minutes after the release.

See "Employment Change"

The Canadian economy continue to support its labor force, adding 19,200 new jobs after 3 strong months of employment growth. Over the past 12 months, employment increased by an estimated 348,000 or 2.1%, with full time growing twice as fast as part time said StatCan.

From the release:

"Employment edged up slightly in April (+19,000), similar to the increase observed in March. This follows large gains at the start of the year. The unemployment rate nudged up to 6.1% in April as more people entered the labour force. Self-employment and full-time work accounted for all of the gains in April.

In April, employment increased in accommodation and food services, as well as construction. Over the past 12 months, the construction industry led employment growth, adding 113,000 workers. Manufacturing continued its decline in April, with losses in Ontario and British Columbia. Overall, the number of factory workers has decreased by 112,000 since April 2007."

Canada's labor market has been strong with the last couple of months showing large increases. This month's 14,600 new jobs brought the numbers back to Earth. On top of smaller increase, there was a surge in people joining the labor force, which caused the unemployment rate to increase 2pts from its 33-year low, to 6.0%. 

For Febraury
Latest Official Release from: Statistics Canada

"Employment growth continued in February with gains estimated at 43,000, pushing Canada's employment rate to a new record high (63.9%). For the second straight month, the unemployment rate held steady at its 33-year low of 5.8%. Employment growth over the last 12 months stands at 361,000 (+2.2%)."

The Canadian labor market continues to produce more jobs. However, its neighbors worrisome employment numbers refrained the Canadian dollar to take off on its own jobs data. In fact the Greenback was only briefly under pressure, but a wave of profit taken possibly provided a boost for the dollar across the board.

"Labor Forece Survey" for February

Latest Official Release from: Statistics Canada