Job numbers underline solid growth in both the Canadian and U.S. economies.
Unexpected U.S. employment growth of 235,000 new jobs in February makes an interest rate hike by the Federal Reserve next week a certainty, as the U.S. moves towards full employment.
And although Canada is not adding jobs at the same torrid pace, the surprisingly continued strong numbers in February of 15,000 new hires, shows a stronger and steadily growing economy, which should ease Bank of Canada worries that we are mired in an economic slump.
And interest rates in Canada should stay at rock bottom levels to continue to spur growth for the time being.
However, continued improving positive employment could be the catalyst for rate hikes sooner than earlier forecasts.
With Canadian unemployment dropping to 6.6%, we may also finally see some wage growth, while US wages accelerate, as American companies compete to hire and retain workers.
All in all, a solid month on both sides of the border.