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Canada's hiring turns negative in October - TD Securities
TD Securities' analysts note that the latest jobs report from Canada showed the country's labour market shed 1.8k jobs in October (consensus: +15k), and the underlying details were soft as the economy added part-time positions while losing full-time jobs.
- "The unemployment rate was unchanged at 5.5%. After an impressive run through the bulk of 2019, the labour market was due to fall back to earth at some point.
- The 6-month average pace of hiring still stands at 22k, which is slightly above the economy's trend pace - and with wage growth edging higher again in October the labour market is tight overall. We still expect the Bank of Canada to cut rates in January, but the state of the labour market is the least of their worries.
- CAD rates outperformed sharply versus the US following the data, and the poor print broadly fits with our theme of Canadian outperformance versus other developed markets."
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