Canada employment surged 40.6k in March (median 12.5k) after the 2.3k dip in February. Full time employment jumped 35.3k in March after the 51.8k drop in February. Part time employment edged 5.3k higher in March on the heels of a 49.5k jump in February. By sector, growth was in the service sector where 74.7k jobs were created, led by a 24.9k rise in health care and social assistance and a 17.7k gain in accommodation and food after those sectors saw large job declines in February. Goods sector employment fell 34.1k in March, knocked lower by a 31.8k plunge in manufacturing, a 5.5k drop in construction and a relatively sedate 2.1k dip in natural resource jobs. The unemployment rate pulled back to 7.1% in March from 7.3% in February. The participation rate was 65.9 in March, matching the 65.9 in February. This is a mostly solid report overall, which is supportive of the expected constructive growth outlook from the BoC next week, although the tumble in manufacturing, and declines in construction and resource jobs will underpin a still cautious tone from the Bank.
The Canadian dollar is the biggest mover and shaker today, showing just over a 1% gain against the USD and just over a 1.5% advance on the JPY. The CAD’s gain has been fuelled by the strong Canadian employment report and strong rise in oil prices today, while the yen has ebbed amid an improvement in risk appetite and on the view that the recent surge in the currency raises the odds for the BoJ extending NIRP at its April 27th-28th meeting while shifting the MoF toward hitting the forex intervention button. The CAD-JPY cross had lost 6.5% in just over a week, so was perhaps due a rebound.
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About Janne Muta, HotForex’s Chief Market Analyst
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