Canadian Unemployment Nears 6 Year High
March 13, 2009
February’s unemployment rate leapt up to an above consensus 7.7% today, the highest level since September 2003. The catalyst for this move was a further culling of 82,600 jobs during February, resulting in the total number of job losses over the last four months reaching 295,000. Once again full time labour bore the brunt of the job cuts with 110,900 roles lost. The job cuts were primarily concentrated in the construction sector which accounted for 52% of the total number of jobs lost. The latest employment report continues to demonstrate the feed through effects of the global slowdown and will certainly provide the BoC food for though at their upcoming meetings. Despite the weak release the CAD gained ground vs. the US Dollar as equity markets guided the early trading sessions price action.