By Justin Turner CIM, DMS®, CFP®
The United States had a
disappointing jobs report for the second consecutive month, although weather could
be partially to blame. The unemployment rate did drop to 6.6%, but a
large percentage of the drop has been due to discouraged workers giving up on
their job searches and leaving the labour market altogether. Fortunately
the market brushed off the news and continued its rebound from a two week
sell-off which had started to cause worry among investors and some
analysts. The Canadian jobs report was much better, and was a sharp
reversal from last month’s horrendous report and the Canadian dollar has
started to make up at least some of the ground it has lost.
We will see if this rebound
continues in the coming weeks, or if we are just experiencing a short lived
bounce amidst a longer and deeper correction. It does feel like the
correction is over and that the market will continue its upward
trajectory.
