USD/CAD: Canada’s January Jobs Report A ‘Mysterious Mix Of Good And Bad’

Canada lost 88K jobs and saw the unemployment rate rise to 5.9%. But it is not only bad news. Here is the view from CIBC:

Here is their view, courtesy of eFXnews:

CIBC Research discusses the reaction to today’s Canada’s jobs report for the month of January.

“Market participants are getting schooled in the ways of Canada’s employment numbers, and the lesson seems to be that when they’re too good to be true, they might not be.

January saw an 88K drop in employment, reversing about half of the spectacular gains we registered late last year. But the details also looking wonky, with all of the job losses in part-time work (-137K), and the jobless rate only moving up one tick to 5.9% as the participation rate took a big three-point drop

Overall, a mysterious mix of good and bad, with the latter’s impact blunted by how strong job gains were in the lead up to these figures,” CIBC argues.