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Today’s labor market data from both the United States and Canada showed positive results that exceeded expectations on most indicators, reflecting relative resilience in labor markets despite ongoing economic challenges.
US labor market
- Non-Farm Employment Change:
The number of jobs increased by 139,000 jobs , exceeding expectations of 126,000, although it was lower than the previous reading of 147,000, but it remained within a good range that indicates continued job creation. - Unemployment rate:
It settled at 4.2% , in line with expectations and the previous reading, reflecting a stable rate of job seekers. - Average hourly wages (monthly):
It recorded a growth of 0.4% , exceeding expectations (0.3%) and the previous reading (0.2%), indicating an improvement in individuals’ income and may raise some inflationary concerns in the future.
Canadian labor market
- Change in employment:
The Canadian economy added 8.8 thousand jobs , compared to expectations of a loss of only 11.9 thousand jobs, which was a positive surprise and an indication of an unexpected recovery in the labor market. - Unemployment rate:
It rose slightly to 7.0% from 6.9%, but in line with expectations. Despite this increase, positive job creation reflects a gradual improvement.
