Canadian Employment Growth At Cycle High

While today’s Nonfarm Payrolls report in the US may have disappointed with only 130K added jobs compared to estimates of 160K, our neighbors north of the border got a very strong reading on their labor market. The number of employed persons in Canada grew by 81.1K in August with most of the added jobs being part-time work. This smashed estimates for a 20K increase and was a nice rebound from the prior month’s decline of 24.2K. Since August of last year when YoY growth was just 0.9%, the Canadian labor market has been growing more rapidly with the most recent reading showing a 2.5% increase from last year. That is the highest year-over-year growth rate of the cycle and the strongest since November 2007, right before the onset of the Financial Crisis.  

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