The TSX fell today, despite a strong jobs report from StatsCan.
Employment rose by 63,000 in Canada in September, driven by an increase in part-time jobs, according to a report released today by Statistics Canada.
But today’s job numbers couldn’t stop Canada’s stock exchange from skidding, as the TSX lost 60 points.
Eight of the TSX’s 11 major sectors dipped into the red, with only industrials, utilities and health care gaining.
The heavyweight energy sector was down 1.4 percent, dragged mostly by a eight percent decrease by Ensign Energy Services, Canada’s second largest land-based drilling contractor.
In New York, markets fell on mixed economic results.
While the U.S. unemployment rate is the lowest since 1968, September job numbers were below expectations while wages rose, pressuring both interest rates and stocks.
The Dow sank 180 points, dragged by a 2.2 percent drop in Intel shares, while industrial bellwethers Boeing and Caterpillar also lagged.
The Nasdaq had its worst week in six months, tumbling 91 points with Facebook, Apple, Amazon, and Apple trading lower. Apple fell 1.6 percent in the wake of claims that China had hacked its servers.
Oil was flat, inching three cents lower to $74.30 US a barrel as investors weighed global supply concerns against demand, while the Canadian dollar continued its week-long retreat against the greenback, losing an additional 7/100ths of a cent to $0.7729 US.
Gold also advanced, up $5.30 to $1,204 an ounce.
Meanwhile, Last month’s Canadian employment numbers marked a 1.2 percent increase compared to September 2017.
Ontario and B.C. saw job growth while it was little changed in the remaining provinces.
StatsCan notes that employment increased for the core age population (ages 25 to 54) and held steady for the other demographic groups.