Bank of Canada May Need to Look Past Curious Jobs Numbers
Dow Jones
Yesterday
1109 ET - The Bank of Canada should remain focused on inflation and fade the latest jobs data into the background noise, Scotiabank's Derek Holt argues. The labor force survey showed an unexpected loss of 68,300 jobs in September, building on a drop of 41,700 the month before, which Holt says doves pounced on to conclude the central bank won't life interest rates. Holt is calling for an external review of Statistics Canada's job readings, and says he doesn't accept that some 70,000 public sector employees lost their jobs in September, including 10% of all Quebec education sector employees. The economist says Canada should follow Australia, which launched an independent technical review in 2014 after a series of "wonky" jobs reports.
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