Despite a report showing that US corporations hired fewer people than anticipated, the Dow Jones and S&P 500 continued their climb higher and made yet another all time high. Economists were looking for an increase of 235k jobs and the actual number came in at 214k. The unemployment rate edged down to 5.8% from 5.9%. The report marks the 56th consecutive month of private sector job growth. Payrolls have now exceeded by 200k+ for the 9th straight month.
The Canadian economy improved in October with 43,100 jobs being created vs est for a loss of 5,000. The unemployment rate came in at 6.5% vs estimates of 6.9%. The Canadian dollar finished up on the day at 88.24 or 113.35 in reaction. The job numbers combined with the performance of Gold stocks helped the TSX finish the week on a very positive note, up 127 points.
