- Prior report
- Employment change 336.6K vs. 160K estimate. This was the largest gain since October 2020.
- Unemployment rate 5.5% vs 6.2% estimate. The unemployment rate fell below the pre-pandemic level of 5.7% from February 2020
- Participation rate 65.4% vs 65.0% last
- Full time employment 121.5K vs -82.7K last
- Part time employment 215.1K vs -117.4K last
- Private sector employment 347K vs -206K last
- Public sector employment -11K vs +6K last
- Average hourly wages 3.3% YoY vs 2.4% last month
- accommodation and food services +114K
- information, culture and recreation +73K
- total hours worked were up 3.6%
- year-over-year average hourly wages increase 3.1%
- Service jobs 292K vs -223K last month
- Goods producing jobs 44K vs 23K last month. This was the third consecutive monthly increase
Overall, a much better than expected report and sharp rebound from the omicron impacted report from the January. The expectations for a Bank of Canada hike at the next meeting remains in favor of another 25 basis points.
The USDCAD has moved below its 200 hour moving average and looked toward the 61.8% retracement 1.2706 and natural support at 1.2700.
/USDCAD
