Canada: Despite gains, labour market recovery still has a long way to go – NFB


The Canadian economy created 62K jobs in November, more than the 20K expected. According to analysts at the National Bank of Canada, the report showed an impressive performance given public health restrictions put in place over the past few weeks and at the same time they warn that employment does not fully capture the current damages.

Key Quotes:

“The October report came in better than expected. It was an impressive performance given public health restrictions put in place over the past few weeks. Quebec and Ontario were able to generate decent gains in employment as layoffs in information, culture, recreation and accommodation/food services were more than compensated by gains elsewhere. That said, in the prairies, the rising number of COVID-19 cases has brought the recovery to an abrupt halt.”

“At the national level, we were pleased to see full-time jobs registering a 99K gain on the back of a 69K gain in October. Private sector employment continued to post gains despite current uncertainty, a necessary condition for a sustained recovery. As of November, employment is now just 3.0% below its February level with no less than 81% of jobs lost that have now been recovered.”

“Employment does not fully capture the current damages in the labour market. A significant portion of workers are underutilized as shown by hours worked still being down 5.0% compared to February’s peak. It is worth mentioning that a significant portion of employees are indirectly benefiting from the wage subsidy program offered by the federal government.·

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 

EUR/USD News

GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 

GBP/USD News

Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures