Market surveillance: November 5 | rdnewsnow.com

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All eyes were on the Federal Reserve on Wednesday as the central bank approved plans to start cutting its bond buying program this month and end it by June, according to early estimates. Fed officials said they would cut the bank’s bond purchases by $ 15 billion per month in November and an additional $ 15 billion in December. The Fed’s announcement boosted sentiment on both Bay and Wall Street, with new record closes for all three major US indices and a near-record close for the TSX, which rose 95 points.

US stocks were mixed on Thursday as investors continued to analyze the Fed’s latest comments. The S&P 500, Nasdaq and TSX posted modest gains, while the Dow lost 33 points.

Another positive week for North American markets For the four trading days covered in this report, the Dow Jones rose 305 points to close at 36,124, the S&P 500 added 75 points to settle at 4,680, while the tech-rich Nasdaq gained jumped 442 points to close at 15,940. In Canada, the TSX climbed 305 points to end at 21,342.

Strategy

Job growth in Canada slows in October, but continues at a strong pace

The Canadian labor market continued to grow, albeit at a slower pace than expected in October, as retail businesses ramp up hiring over the holiday season. The economy added 31,200 jobs last month, slightly below consensus expectations for a gain of 41,600 and down from September’s reading of 157,100.

The unemployment rate fell to 6.7 percent while participation fell slightly to 65.3 percent, and hours worked rose 1 percent. October’s gain was entirely made up of full-time employment (+36,400) while part-time employment declined slightly (-5,200).

The scale of the sector was small, with most of the gains recorded in the retail sector, which returned to pre-pandemic employment levels with a net gain of 72,000 jobs. Employment in goods-producing industries fell by 6,200. The average hourly wage of permanent workers increased 2.1% from the previous year, which should reassure decision-makers at the Bank of Canada, who argue that broader price pressures are unlikely to trigger a spiral in labor costs.

Overall, the Canadian labor market has been in a tear since emerging from a third wave of COVID earlier this year, generating 600,000 net new jobs since May, about 30,000 more than in February 2020.

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