Canadian Dollar: Loonie Sinks on Weak Jobs Report, Housing

Canadian Dollar: Loonie Sinks on Weak Jobs Report, Housing

The Canadian dollar dropped on the report, falling 0.4% to C$1.3231 per US dollar at 3:22 p.m.in Toronto trading.

About 1,800 jobs were shed in the month and although analysts had expected an uptick in job numbers, the unemployment rate was in line with forecasts.

"Weak global demand seems to be catching up with Canada, as manufacturing employment slumped by 23,000", he said in a note.

The country lost 1,800 jobs in October, Statistics Canada said Friday in Ottawa, versus economist expectations for a 15,000 uptick in employment.

Stephen Brown, senior Canada economist at Capital Markets, says the lost jobs aren't a huge concern, but weakness in manufacturing is something to keep an eye on.

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Alberta actually added about 14,400 full-time positions in October, but those gains were hindered by the loss of 6,700 part-time positions.

Almost 90 per cent of last month's job surge took place on the Ottawa side of the river, where 8,500 jobs were created, compared to 1,200 in Gatineau.

Economists on average expected the economy to add a total of 15,900 jobs and an unemployment rate of 5.5 per cent, according to financial markets data firm Refinitiv. This, as employment declined in the manufacturing and construction sectors. Wages for permanent employees rose by 4.4%, according to the nation's number crunchers. Yields on Canadian two-year government bonds were down 4 basis points to 1.58%. Election-related hiring helped offset a some of the declines with the public-sector adding 28,700 jobs despite a drop in private-sector and self-employment.

The value of residential permits was down 10.7 per cent to $5.1-billion, Statistics Canada said, with declines reported in eight of the ten provinces.

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