GDP is roaring, and the labour market seems to joining the party. Employment surged by 41K in March, driving a two-tick drop in the unemployment rate to 7.1%.
Most of the increase was driving by full-time positions (+35K), and with paid employment up by 63K, the composition of the increase was also extremely encouraging. However, the sector breakdown of the jobs gain does make us scratch our head. The manufacturing sector—a recent catalyst for the stronger GDP figures—shed 32K positions on the month. Indeed, it was in services where most of the hiring was done, with healthcare leading the way (+25K). Chalk this us as another positive data point in a Canadian outlook that looks much brighter than it did a few months ago.
The figures should be positive for the C$ and negative for fixed income.
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