U.S. employers hired at a strong pace last month, and revisions showed the labor market weathered hurricane damage better than previously estimated.
Disappointing was wages, it failed to break out, rising +2.4% from a year earlier, a slowdown from last month.
Payroll growth was significantly stronger than previously estimated in recent months. Upward revisions showed +90k more jobs were added to payrolls in August and September than previously reported.
September hiring was revised to a gain of +18k from an initial estimate of down -33k. When combined with August and September’s job growth, data show the economy added jobs over the last three months at a pace of +162k a month.
Despite being a strong print, it did not beat market expectations. The dollar is trying to gain some traction across the board (€1.1663, £1.3030 and ¥113.34), with the one exception CAD (C$1.2742).
Canadian Job Market on Fire
Canada added jobs (+ 35.3k) in October at a stronger-than-expected pace amid a slowing economic backdrop, with full-time employment surging and wage gains accelerating for a second straight month.
The unemployment rate rose from a post crisis low of +6.2% to +6.3%, but that was due to more young people searching for work.
October’s advance marked the 11th straight month of job gains, which is the longest streak in over a decade. All of the net new jobs added were in the private sector and of the full-time variety, which tend to offer higher pay and steady benefits compared with part-time work.
The ‘loonie’ has strengthened across the board +0.64% to C$1.2729 outright and +0.74% EUR/CAD to €1.4832.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.