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Canada unemployment rate not expected to change much for October

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Unemployment Rate in Canada averaged 7.72 per cent from 1966 until 2015. Following gains of 63,000 (+0.4%) in the first quarter, and 33,000 (+0.2%) in the second quarter, employment grew by 31,000 (+0.2%) in the third quarter of 2015. In the 12 months to September, employment increased by 161,000 (+0.9). In this period the total number of hours worked increased by 1.1%. That there was a full-time employment gain in 2015 was a little surprising as it did not echo the broader performance of the economy.

    Employment changed little in August and September

    Prior to August, the unemployment rate had held steady at 6.8% for six consecutive months. Employment was little changed in August rising only by 0.1%. The unemployment rate however increased 0.2 percentage points to 7.0%, as more people looked for work. The increase of 54,000 in full-time employment during the month was offset by a decline of 42,000 in part-time work.

    Employment was little changed for the fourth consecutive month in September. Canadian unemployment rate edged up to 7.1 per cent in September, up from 7 per cent in August. It missed market expectations of 6.9 per cent unemployment. Unemployment increased by 18,400 to 1,364,500 from 1,346,100 in August. The number of unemployed went up by 1.4 per cent while employment rose only by 0.1 per cent. Part-time employment rose by 74,000 while full-time employment pulled back meaningfully, falling 61.9K. Labour force increased by 30,600 to 19,342,600 from 19,312,000 in this month.

    What to expect?

    Considering the trend in unemployment rate over the last two months, it can be expected that the unemployment rate will remain unchanged at 7.1. The Bank of Canada had maintained a solid outlook for consumption on the back of solid employment gains in its October Monetary Policy Report. The drop in full time employment in October will question the central bank’s monetary policy.
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