CIBC Research discusses its reaction to today's Canadian jobs report for the month of September.
"Services sectors continued their rehiring spree in September. Out of the total 157K jobs created, which blew past consensus expectations, 142K were in services sectors. By the end of the month, employment had reached pre-pandemic levels again, but there was still slack to be absorbed given that the population has increased since early 2020. Moreover, while hours worked were up 1.1%, they remain 1.5% below their pre-Covid level," CIBC adds.
"With the participation rate rising in September, coinciding with a decline in Canadians receiving government supports, the unemployment rate only declined to 6.9%. While the headline print likely seals the deal for another taper from the Bank of Canada later this month, there's still a ways to go to fully heal the labour market," CIBC adds.