Canadian jobs were flat last month, but the underlying details were better. A partial summary is offered in the table above and chart 1. I don’t think this changes anything for the Bank of Canada relative to more significant factors that I’ll come back to. The high degree of noise around the household survey positions the 95% confidence interval at between 59k lost jobs and a gain of 57k, lending caution to alarmist headlines. In my opinion, the roughly 9bps relative outperformance of Canada 2s to US 2s post-data on both sides of the border is an exaggerated headline reaction that fails to probe beneath the surface. ... (full story)