FX Daily Update
The National Bank of Canada | Sep 08, 2015 08:49AM ET
Canadian job data for August released on Friday took on a particular significance, as it was the first major indicator since the country officially entered a recession. The report revealed that 12,000 net jobs were created, slightly more than expected. More specifically, there were 54,000 new full-time positions, offsetting the loss of 42,000 part-time jobs. Since the beginning of the year, Canada has still been able to create 12,000 jobs per month, leading many observers to think that the recession will be short-lived. It will be interesting to see whether this encouraging report will spur the Bank of Canada to stay the course on Wednesday.
South of the border, August job figures were also announced on Friday and proved somewhat of a disappointment. However, the revised increase of 30,000 jobs created in July was very well received. The report also revealed that more than 122 million Americans were working full-time, an all-time high. It appears that despite the recent rise in volatility on markets, the idea of a Fed key rate hike as soon as this month cannot be ruled out.
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