Canadian Aug employment +34.3K vs +10K exp

• Prior reading was -30.4K
• Unemployment rate 7.3% vs 7.3% exp
• Full-time -12.5K vs +21.3K prior
• Part-time +46.7K vs -51.6K prior
• Participation rate 66.6% vs 66.5% prior
• Separately, Canadian building permits -2.3% vs -1.5% exp

Mixed report, the drop in full time jobs is a disappointment despite the headline. The rise in the participation rate along with a flat unemployment rate is positive.

Overall, we have some major volatility in full-time/part-time jobs over the past two months. Smoothing it out over two-months is a better metric; +8.8K full-time, -4.9K part-time. Basically flat for two months.

USD/CAD unable to break 0.9800.