While today’s Nonfarm Payrolls report in the US may have disappointed with only 130K added jobs compared to estimates of 160K, our neighbors north of the border got a very strong reading on their labor market.  The number of employed persons in Canada grew by 81.1K in August with most of the added jobs being part-time work.  This smashed estimates for a 20K increase and was a nice rebound from the prior month’s decline of 24.2K. Since August of last year when YoY growth was just 0.9%, the Canadian labor market has been growing more rapidly with the most recent reading showing a 2.5% increase from last year.  That is the highest year-over-year growth rate of the cycle and the strongest since November 2007, right before the onset of the Financial Crisis.  Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.

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