Jobs Reports Shocks in U.S., Canadian Unemployment Unchanged

Jobs Reports Shocks in U.S., Canadian Unemployment Unchanged

By: Tomas Ronolski - News

Friday, August 5, 2022

Markets digested employment data from both the United States and Canada today, with the U.S. Non-Farm Payroll data, and the Canadian Employment Change.

Defying expectations, and providing impetus for the Federal Reserve to more aggressively raise rates, the U.S. added 528,000 new jobs in July. That number was almost double consensus expectations, with all sectors showing job growth for the month. Additionally, the unemployment rate dropped to a pre-pandemic low of 3.5 percent, a rate not seen since early 2020.

Meanwhile, Canada’s unemployment rate remained unchanged from the historic low of 4.9 percent seen in June. Additionally, 31,000 jobs were lost, the second consecutive month of job losses. 

Average hourly wages rose by 5.4 percent, markedly higher than the 2.4 percent from the beginning of 2022, but also lower than the 5.6 percent year-on-year increase from June. Average hourly wages are closely watched by the Bank of Canada—this jobs data is the last report the the country’s central bank will see before its next meeting. 


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