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RPT--🇨🇦Cable FX Macro Weekly Note: Canada January Labour Report

**As seen in Risk In The Week report 02/02/24, subscribe at

The Canada December net labour change surprised all economists' expectations but one as there were less than 1K jobs created over the month vs the consensus of 15.0K. The month saw a decline of 23.5K full-time jobs and a rise of 23.6K part-time positions. The unemployment rate ticked at 5.8% and the participation rate as net employment recorded the softest print since July. The participation rate fell to 65.4%, the lowest level since December 2022.

Economists at TD Securities said that Canada job vacancies have dipped 40% from 2022 peak levels, however, demand remains in public services industries. On wages, TD said current levels remain elevated but expect the growth rate to coo as employment slows and the jobless rate rises. TD warned this view may be delayed on higher union wages and reminds us that 30% of the Canadian labor force is unionized vs 10% of the U.S. labor force. TD pencils the Canadian economy adding 30.0K jobs in January which is twice the median expectation.



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