The Nonfarm Payrolls data in the US for August was just released, and the findings of the report demonstrate that the American labour market has added 130 000 new jobs in the previous month, which is the weakest performance in the last three months and also misfires from the initial expectations of a 163 000 newly added jobs. The market surprise is big since the ADP report from earlier this week provided very strong indications for a likely robust NFP data.
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"[…] the unemployment rate was unchanged at 3.7 per cent, the US Bureau of Labor Statistics reported today. Employment in federal government rose, largely reflecting the hiring of temporary workers for the 2020 Census. […] In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $28.11, following 9-cent gains in both June and July. ” [source]
Meanwhile, the Canadian economy has exhibited a sizable increase in employment, as the national labour market is reported to have added 81 000 new jobs in August, as opposed to the initial expectations of just 18 900 new positions.
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“Following three consecutive months of little change, employment increased by 81 000 in August, largely in part-time work. The unemployment rate remained at 5.7 per cent as more people participated in the labour market.” [source]
Thus, the USDCAD was affected immediately following the simultaneous release of the employment data in both countries. The pair tumbled with 0.31 per cent in the first hour following the releases of the two reports.
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