BCA: Canada Upbeat Jobs Report

BCA Research Reports on Canada's upbeat jobs report:

The Canadian economy continues to show signs of gradual improvement.

"Domestic activity has picked up from the depressed levels in H1 2009, as evidenced by the leading economic indicator and sentiment surveyā€™s. Part of this rebound can be attributed to a leveling off in the pace of job losses over the past few months. Todayā€™s release showed that overall employment increased by 27,000 (from -44,500), although all of the gains came from part-time work."

"This is consistent with business surveyā€™s that suggest employers are becoming more upbeat about future sales prospects. Importantly, employment among private sector employees increased in August, the first increase in this group since SeptemberĀ 2008. Statistics Canada noted today that ā€œthe trend in employment has changed recently. Since employment peaked in OctoberĀ 2008, total employment has fallen byĀ 387,000Ā (-2.3%). Over the last five months, however, employment has fallen byĀ 31,000, a much smaller decline than theĀ 357,000Ā observed during the five months following OctoberĀ 2008.ā€

"Bottom line: The Canadian economy still faces headwinds from a strong currency and weak demand from its main trading partners but the underlying trend is towards further improvement. We continue to favor the Canadian dollar versus the U.S. dollar."

Source: BCA Research

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