58,000 Jobs...
"The employment rate is now 7.6%, returning fulltime employment to the level of October 2008 for the first time... however job numbers were also noteworthy for the fact that 41,000 of the new jobs were part-time and the total number of hours worked remained 0.6% below the October 2008 level". Most economists forecast a cautious 25 bps BOC rate increase in July.
"Perhaps more encouraging were figures from the United States. Employers there added 244,000 workers to their payrolls, the biggest increase in 11 months and trouncing expectations for a rise of 186,000"
• TSX +111.22 to 13,566.60 The Toronto stock market regained most of the losses it booked in a sell-off a day earlier as stronger than expected North American jobs data from April buoyed stocks. Economists had expected a mere 20,000 jobs gain.
• DOW +54.57 to 12,636.74 The positive jobs reports from both sides of the border pushed markets into a "relief rally" after the U.S. Labour Department reported that the American economy generated a five-year high of 244,000 jobs in April, well above expectations for a 185,000 increase.
• Dollar +.13c to 103.41c USD at $1.50 the Euro has almost climbed all the way back up from last years’ plunge whereas the US dollar is on the verge of sinking to the 2008 record low, having lost almost 18% since last June and more than 10% since December.
• Oil -$2.82 to $97.18USD per barrel.
• Gold +$10.20 to $1491.460 per ounce.
• Canadian 5 yr bond yields markets -.02bps to 2.51. The spread (based on the MERIX 5 yr rate published rate of 4.29%) is above the comfort zone at 1.78
