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Message: [QUOTE="Daniel LQDFX, post: 229393, member: 107699"] [HEADING=2][CENTER][/CENTER][/HEADING] [HEADING=1][B]Daily News Update[/B][/HEADING] [HEADING=2][RIGHT]9 February 2024[/RIGHT][/HEADING] [RIGHT]Friday[/RIGHT] [HEADING=2]On February 9th, Canada is set to release key employment data, including updates on Employment Change and the Unemployment Rate. This announcement is eagerly anticipated as it provides crucial insights into the country's labor market and overall economic health.[/HEADING] [CENTER][B][U]CAD – Employment Change[/U][/B][/CENTER] The creation of jobs serves as a pivotal forward-looking measure for consumer expenditure, which constitutes the bulk of total economic activity. In December 2023, Canada experienced a slight uptick in job numbers, with an addition of merely 100 positions, marking a notable deceleration from the 24,900 jobs created in November and falling below the expected 13,500 increase. The employment landscape saw significant contractions in sectors such as wholesale & retail trade, which lost 21,000 positions, and manufacturing, where 18,000 jobs were cut. Conversely, positive momentum was observed in fields like professional, scientific & technical services, which welcomed 46,000 new roles, health care & social assistance, adding 16,000 positions, and other services, which expanded by 12,000 jobs. The pace of job creation in December remained flat at 0.0%, consistent with the minimal shifts observed in November (0.1%) and October (0.1%). In comparison, the average job growth per month in the second half of 2023 was 23,000, a decline from the 48,000 monthly average seen in the first six months, against an average monthly population increase of 79,000. [B]TL;DR[/B] [ATTACH type="full" alt="CAD – Employment Change.png"]27343[/ATTACH] The [B]Employment Change[/B] forecast stands at [B]-0.5K[/B], which is a decrease compared to the previous result of [B]0.1K[/B]. The upcoming [B]Employment Change[/B] data is set to be announced on [B]February 9th at 1:30 PM GMT[/B]. The last time, [B]Canadian Employment Change[/B] data was announced on the 5th of January, 2024. You may find the market reaction chart [B](CADJPY M5) [/B]below: [ATTACH type="full"]27345[/ATTACH] [CENTER][B][U]CAD - Unemployment Rate[/U][/B][/CENTER] Although typically considered a delayed reflection of economic conditions, the total number of unemployed individuals is a crucial indicator of the economy's overall well-being due to the strong relationship between the state of the job market and consumer spending. In December 2023, Canada's unemployment rate remained steady at 5.8%, consistent with the 22-month peak observed in November and slightly better than the anticipated 5.9%. This outcome, while surpassing market forecasts, continued to highlight the weakening trend in the Canadian labor market, in line with other indicators of decelerating economic growth. This trend has been putting pressure on the Bank of Canada to accelerate its easing of monetary policy. The count of unemployed people increased marginally by 4,800 to reach 1,245,200 during this period. This was due to a rise in unemployment among the older population (+18,300) which outweighed minor decreases in unemployment among the prime working-age group (-4,400) and the youth (-9,200). Meanwhile, the economy saw a net addition of 100 jobs, leaving the total employment figure essentially stable at 20,312,600. As a result, the labor force participation rate slightly decreased by 0.2 percentage points to 65.4%, mirroring trends seen in the US and preventing a rise in the unemployment rate. [B]TL;DR[/B] [ATTACH type="full" alt="CAD - Unemployment Rate.png"]27344[/ATTACH] Projections for the [B]unemployment rate[/B] suggest a rise to [B]5.9%[/B], which is an increase from the previous figure of [B]5.8%[/B]. The forthcoming announcement of [B]unemployment rate[/B] data is scheduled for [B]February 9th at 1:30 PM GMT[/B]. The last time, [B]Canadian Unemployment Rate[/B] data was announced on the 5th of January, 2024. You may find the market reaction chart [B](CADJPY M5) [/B]below: [ATTACH type="full"]27346[/ATTACH] [HR][/HR] [I]Disclaimer: The market news provided herein is for informational purposes only and should not be considered trading advice.[/I] [/QUOTE]

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