🇨🇦Cable FX Macro Weekly Note: Canada Labour Report

**As seen in Risk In The Week report 09/02/2022, subscribe at cablefxm.co.uk/reports

The July labour report showed the Canadian economy shedding 30.6K jobs, this was below the market expectation of +15.0K jobs and followed a prior -43.2K. The three-month net employment figure now averages -11.3K, the unemployment rate came steady at the record low of 4.9%. The biggest drop came from the services sector at -53.2K, the manufacturing sector added 7.1K, while the goods- producing sector increased by 22.6K jobs. Full-time jobs declined by 13.1K, part-time jobs shed 17.5K, the participation rate ticked down to 64.7% from 64.9%. Economists at RBC remind us that the easing in headline employment is derived fully from lack of workers, not demand, as job vacancies remain well above pre-pandemic levels.