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Canada adds 157,000 jobs – recovering all losses from the pandemic

Canada has restored all about 3 million jobs lost by Covid-19.

The country’s economy added 157,100 jobs in September, bringing the labor market back to pre-pandemic levels, Canada’s statistical authority said in Ottawa on Friday. This significantly exceeds analysts’ expectations for 60,000 new jobs.

Unemployment fell to 6.9% from 7.1% in August. Hours of work increased by 1.1% during the month, but remained 1.5% below pre-pandemic levels.

The Canadian dollar jumped to 1.2494 per US dollar, the highest level since August 5.

Strong numbers are a welcome sign for the national economy. They suggest that companies are willing and able to hire workers as the restrictions on the virus decrease and as high levels of vaccination increase optimism among consumers and businesses.

The strong report also boosts expectations that the central bank will reduce its weekly purchases of Canadian government bonds to $ 1 billion ($ 799 million) later this month from the current rate of $ 2 billion.

Also on Friday, the United States posted weaker-than-expected jobs, with employment rising by 194,000 or less than half what economists had forecast. This complicates the potential decision of the Federal Reserve to start reducing cash support before the end of the year.

The increase in jobs in Canada is entirely due to full-time workers, while part-time employment has fallen slightly. The increases were led by the public administration, information culture and recreation sectors. About 139,000 people joined the workforce in September, bringing the participation rate to 65.5%, also the highest since the pandemic.

“I think this reinforces the view that the second half of this year, fueled by the ongoing economic recovery and the lifting of some restrictions, with the exception of Alberta, will be somewhat strong,” wrote Dominic Lapoin, an economist at Laurentian Bank. That’s “enough from BoC’s point of view to cut another $ 1 billion a week in October and enter the reinvestment phase of its QE program.”

Charts: with permission of Bloomberg Inc.


 Junior Trader Nikolay Petrov

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