Just two weeks after the Canadian central bank pivoted to a dovish stance, slashing growth and inflation expectations, Canada just added 106,500 jobs in April – the biggest monthly gain in labor since records began almost 50 years ago.
Putting that number in context, the US labor force is 162MM, Canada’s is 20MM, so today’s Canadian employment spike is equivalent of almost 900K jobs created in the US in one month.
For some context, this is a 10 sigma beat of expectations…
This was the largest yearly growth in employment since 2007 as youth unemployment rate falls to lowest on record.
The immediate result – the algos panic-bid the Loonie…
Poloz better get out there asap and jawbone this ridiculous outlier of a jobs print quick! Canada is booming!!
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