Canada: Too good to be true - BBH

According to analyst from BBH, the February Canadian employment report showed numbers too good to be true. They conclude that the underlying trend in job creation is strong. 

Key Quotes:

“Canada says it created 105k full-time positions. To put this in context, it would be as if the US created one million jobs in a month. It takes the US 5-6 months to do so. Canada says that of the 105k new full-time positions, women accounted for 101k.  Even if this overstates the job creation in Canada, the underlying trend is strong.”

“The unemployment rate slipped to 6.6%, matching the January 2015 cyclical low.  Note that like the US (and many other high income economies with improving labor markets) wage growth is poor.  The average hourly earnings increase in Canada stands at 1.3% year--over-year (1.2% in January).  It is less than half the US pace.”