A big surprise from Canada’s job numbers for March –
82,000 jobs created, dropping the unemployment rate 0.2 of a percentage point to
7.2%. Expectations had been for about 10,000 new jobs. The increase is broadly
based and mostly full time positions. Canadian employment is up 1.1%
Y/Y.
The total value of Canadian building permits is up 7.5%,
to $6.5 billion for February – soundly beating expectations. The increase was
led by non-residential construction and reverses an 11.4% drop in January. The
value of non-residential permits jumped 36.2% to $2.5 billion in February.
Residential permits declined 5.3% to $3.9 billion.
And European debt jitters are creeping back into investor
psyche. A lacklustre government bond auction in Spain saw low demand and higher
yields.
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