US Nonfarm Payrolls & Canada’s Employment Report in Focus
Published January 10, 2020
The Canadian dollar is expected to remain volatile against the US counterpart, as Statistics Canada will issue its labour force survey for December. The job creation is expected to show 24,900 jobs in October and the unemployment rate is expected to improve at 5.8 percent against the last reading of 5.9 percent. At the time of writing, the Canadian dollar is trading at 1.3066 levels against the US dollar.
Today, the US will release the October employment report. The nonfarm payroll report is expected to show 162,000 new jobs this month, below the previous 266,000. The unemployment rate is expected to remain unchanged at 3.5 percent, while the average hourly earnings are forecasted at 0.3 percent on a monthly basis.
Charles Evans, President of the Federal Reserve Bank of Chicago, said that he expects inflation to move close to the Fed’s target of 2 percent in 2020. Evans further added that the job growth in the US will decelerate over time and that the US economy was in a very good place.