US unemployment rate dropped to 3.7% in September, down from 3.9% and beat expectation of 3.8%. That’s the lowest level in 49 years. Participation rate was unchanged 62.7%. Headline non-farm payrolls number missed expectation and grew only 134k versus consensus of 188k. But prior month’s upward revisions, from 201k to 270k, was more than enough to cover. Average hourly earnings rose 0.3% mom, matched expectations. Also from US, trade deficit widened to USD -53.2B in August.
From Canada, employment grew another impressive 63.3k in September, nearly double of expectation of 32.5k. Unemployment rate dropped to 5.9%, down fro 6.0% and matched expectations. Trade balance showed CAD 0.5B surplus versus expectation of CAD -1.4B deficit.
