Compiled by MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada (StatCan) reported on Friday that 21,800 jobs were added to the country’s economy in February. That was more than double the expectations from economists and kept Canada’s unemployment rate at five per cent. StatCan also noted that wages for permanent employees rose 5.4 per cent. Since September almost 350,000 jobs have been added, with 63 per cent of those coming in December and January. On the downside, the consistent job growth might give reason to the Bank of Canada (BoC) to raise its key interest rate in April. This week the BoC froze its rate at 4.5 per cent.
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- In the United States, the Department of Labor reported on Friday that 311,000 jobs were created in February. While that exceeded analysts’ expectations of 205,000 jobs being added, February’s number is well below the 504,000 created in January. That nudged up U.S. unemployment from 3.4 to 3.6 per cent. Although job growth has slowed, the ongoing increases are likely to lead the U.S. Federal Reserve to continue hiking its interest rates. The department also said wages increased by 0.2 per cent last month but are up 4.6 per cent from a year ago.
- There’s been a major shift in Middle East geopolitics on Friday, as long-time adversaries, Iran and Saudi Arabia agreed to restore diplomatic relations after they were severed seven years ago. The deal between the two countries was reached after China hosted several rounds of talks in Beijing. It also includes provisions for Iran and Saudi Arabia to activate their 2001 security co-operation agreement. The two countries have been at loggerheads on and off for decades, with each seeking to exert their influence over the region. That’s been seen in Yemen where they support opposing sides in the ongoing civil war.
