Canada's payroll employment bounces back in January but the details are mixed

Two surveys, two very different stories — and the divergence matters Canada added 45,600 payroll employees in January, a solid rebound after December's 10,600 decline. It contrasts with the more-widely viewed LFS survey, which showed a 25K decline in January followed by an 84K decline in February. On a year-over-year basis, payroll employment was up by 33,500 (+0.2%)… Canada added 45,600 payroll employees in January, a solid rebound after December's 10,600 decline. It contrasts with the more-widely viewed LFS survey, which showed a 25K decline in January followe... Canada added 45,600 payroll employees in January, a solid rebound after December's 10,600 decline. It contrasts with the more-widely viewed LFS survey, which showed a 25K decline in January followed by an 84K decline in February. On a year-over-year basis, payroll employment was up by 33,500 (+0.2%) in January despite a decline in the population. This report show growth but also some weakness below the surface. Educational services drove the… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.