TORONTO (Reuters) – Canada’s economy added 60,400 jobs in September and the jobless rate held at 7.1%, Statistics Canada data showed on Friday.
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COMMENTARY
DOUG PORTER, CHIEF ECONOMIST, BMO CAPITAL MARKETS
“As much as the headlines were very impressive, there were some cautionary flags here. The number of hours worked actually fell in the month. Let’s not quibble here. It was a good report. It’s always nice to see a plus sign when the economy is struggling.”
“Overall, we would definitely characterize this as a solid and encouraging report.”
“We’ve been leaning to a hold in late October. This somewhat helps that story but it’s a close call.”
ANDREW KELVIN, HEAD OF CANADIAN AND GLOBAL RATES STRATEGY AT TD SECURITIES
“We would rather see a big uptick in full-time (work) than a big uptick in part time. This reinforces the notion that this was quite a strong number. But I think the overall story here is that this really reinforces what a volatile data series this is.”
ANDREW GRANTHAM, SENIOR ECONOMIST, CIBC CAPITAL MARKETS
“Overall, today’s data still suggests that a large degree of slack remains within the labour market, which we think justifies a further interest rate cut from the Bank of Canada, although today’s strength in employment could delay the timing of that move, particularly if the upcoming CPI print is also stronger than expected.”
(Reporting by Fergal Smith and Nivedita Balu; Editing by Caroline Stauffer)
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