• Notes from the Desk | September Employment Data

Notes from the Desk | September Employment Data Oct 07 2022

Notes From the Desk – September Employment Data

This morning’s North American data can be summarized as meeting expectations.

By the Numbers:

US

  • 263k jobs created (255k expected)
  • YoY wage growth as expected at 5%
  • Unemployment rate dips to 3.5% (3.7% expected)

 

Implication:

The Federal Reserve remains on track to lift rates to around 4.5%.

Canada

  • 21k jobs created (20k expected)
  • Unemployment rate drops from 5.4% to 5.2%
  • YoY wage growth drops from 5.6% to 5.2%

 

Implication:

While Canada has lost roughly 90k jobs over the past 4 month, the BoC remains on track to raise rates by at least 50 bps later this month as they head to 4% by year end.

Share this...
Email this to someone
email
Share on LinkedIn
Linkedin