Last Friday, December jobs figures were released in both Canada and the United States. On our side of the border, 4,300 jobs were lost over the month, well short of the forecast gain of 15,000. Part-time positions in hotels and restaurants saw the largest decline. In the U.S., the picture was substantially more positive, with 252,000 new jobs in the final month of the year, slightly ahead of economists' projections. This good news was further reinforced by revised November jobs figures, with 32,000 more positions for that month. Unemployment was also revised downward by 0.1% to 5.6%.
None of these indicators from Friday helped the loonie, which had another trying week, losing close to 1% against the greenback.
This morning, the Nanos Canadian Confidence Index will be announced as will the Labor Market Conditions Index south of the border.
Have a great week!
Philippe Shebib
- Range of the day: 1.1850 - 1.1950