Canadian employment surged in November for the third consecutive month as young people picked up tens of thousands of positions, with the results easily outperforming tepid predictions from economists.
The country’s unemployment rate fell to 6.5 per cent in November from 6.9 per cent in October, Statistics Canada reported Friday in its Labour Force Survey. The decrease was fuelled by growth in part-time jobs, and a corresponding decline in the youth unemployment rate, which reached a four-year peak in September of this year.
Over all, the economy added 54,000 jobs in November, bringing the cumulative increase in jobs for September through November to 181,000.
…
Employment grew by 50,000 among youth aged 15 to 24 but was relatively unchanged for core-aged people (25 to 54) and older workers. The youth unemployment rate dropped to 12.8 per cent, from 14.1 per cent in October, the lowest it has been in nearly 20 months.
…
That said, the country’s job growth over the past three months has been primarily concentrated in part-time work, which has increased at a significantly faster rate (2.7 per cent) than full-time employment (0.5 per cent). Employment in November was also driven by an increase in jobs in health care, social assistance, accommodation and food services – sectors that tend to hire workers on a part-time and contract basis.
The Canadian bond market got crushed: five-year Canadas jumped about 19bp (!!!) to 3.01% and the long bond to 3.86%.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0767 % | 2,408.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0767 % | 4,567.0 |
| Floater | 5.98 % | 6.29 % | 62,307 | 13.41 | 3 | -0.0767 % | 2,632.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2518 % | 3,676.8 |
| SplitShare | 4.75 % | 4.25 % | 65,898 | 1.19 | 5 | 0.2518 % | 4,390.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2518 % | 3,426.0 |
| Perpetual-Premium | 5.69 % | 5.67 % | 71,311 | 14.01 | 7 | -0.7928 % | 3,085.6 |
| Perpetual-Discount | 5.52 % | 5.62 % | 50,057 | 14.44 | 28 | -0.7898 % | 3,390.5 |
| FixedReset Disc | 5.87 % | 5.93 % | 102,103 | 13.73 | 31 | -0.5167 % | 3,109.1 |
| Insurance Straight | 5.51 % | 5.49 % | 60,761 | 14.64 | 21 | -0.6672 % | 3,294.7 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5167 % | 3,698.6 |
| FixedReset Prem | 5.91 % | 4.85 % | 103,130 | 2.65 | 20 | -0.0769 % | 2,653.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5167 % | 3,178.2 |
| FixedReset Ins Non | 5.28 % | 5.32 % | 83,534 | 14.68 | 13 | -0.0166 % | 3,103.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.F | Insurance Straight | -10.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 21.61 Evaluated at bid price : 21.90 Bid-YTW : 6.16 % |
| POW.PR.A | Perpetual-Discount | -4.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.95 % |
| ENB.PR.F | FixedReset Disc | -4.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 6.46 % |
| PWF.PR.T | FixedReset Disc | -3.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 22.98 Evaluated at bid price : 24.06 Bid-YTW : 5.46 % |
| MFC.PR.J | FixedReset Ins Non | -3.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 23.28 Evaluated at bid price : 24.41 Bid-YTW : 5.61 % |
| CU.PR.J | Perpetual-Discount | -3.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.67 % |
| SLF.PR.G | FixedReset Ins Non | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.58 % |
| BN.PF.B | FixedReset Disc | -2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 22.79 Evaluated at bid price : 23.70 Bid-YTW : 5.96 % |
| POW.PR.C | Perpetual-Premium | -2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 24.83 Evaluated at bid price : 25.05 Bid-YTW : 5.88 % |
| PWF.PR.S | Perpetual-Discount | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.94 % |
| POW.PR.B | Perpetual-Discount | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.65 % |
| PWF.PR.H | Perpetual-Premium | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.81 % |
| PWF.PR.L | Perpetual-Discount | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 22.56 Evaluated at bid price : 22.82 Bid-YTW : 5.65 % |
| CU.PR.F | Perpetual-Discount | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 5.48 % |
| FTS.PR.H | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 5.70 % |
| CU.PR.G | Perpetual-Discount | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 5.51 % |
| ENB.PF.C | FixedReset Disc | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 21.60 Evaluated at bid price : 21.90 Bid-YTW : 6.25 % |
| GWO.PR.N | FixedReset Ins Non | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 5.67 % |
| FTS.PR.K | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 22.22 Evaluated at bid price : 22.70 Bid-YTW : 5.48 % |
| PWF.PF.A | Perpetual-Discount | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 5.59 % |
| BN.PF.F | FixedReset Disc | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 23.01 Evaluated at bid price : 24.32 Bid-YTW : 5.91 % |
| FFH.PR.K | FixedReset Prem | -1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.85 % |
| ENB.PF.G | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 21.82 Evaluated at bid price : 22.25 Bid-YTW : 6.23 % |
| ENB.PR.H | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 22.22 Evaluated at bid price : 22.62 Bid-YTW : 5.68 % |
| PVS.PR.L | SplitShare | 1.34 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-01-04 Maturity Price : 26.00 Evaluated at bid price : 26.50 Bid-YTW : -17.46 % |
| POW.PR.G | Perpetual-Discount | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.73 % |
| PWF.PR.P | FixedReset Disc | 2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 5.82 % |
| MFC.PR.F | FixedReset Ins Non | 6.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.56 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.P | FixedReset Disc | 349,977 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 5.82 % |
| POW.PR.I | Perpetual-Premium | 51,525 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 24.68 Evaluated at bid price : 25.08 Bid-YTW : 5.67 % |
| BN.PF.I | FixedReset Prem | 43,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 4.45 % |
| FFH.PR.I | FixedReset Disc | 40,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.66 % |
| BN.PR.X | FixedReset Disc | 35,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 5.91 % |
| CU.PR.K | Perpetual-Discount | 31,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-05 Maturity Price : 24.62 Evaluated at bid price : 25.01 Bid-YTW : 5.62 % |
| There were 11 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.F | Insurance Straight | Quote: 21.90 – 24.55 Spot Rate : 2.6500 Average : 1.6193 YTW SCENARIO |
| ENB.PF.G | FixedReset Disc | Quote: 22.25 – 24.00 Spot Rate : 1.7500 Average : 1.0210 YTW SCENARIO |
| PWF.PR.T | FixedReset Disc | Quote: 24.06 – 25.06 Spot Rate : 1.0000 Average : 0.6075 YTW SCENARIO |
| BN.PR.T | FixedReset Disc | Quote: 20.52 – 21.65 Spot Rate : 1.1300 Average : 0.7812 YTW SCENARIO |
| MFC.PR.J | FixedReset Ins Non | Quote: 24.41 – 25.40 Spot Rate : 0.9900 Average : 0.6709 YTW SCENARIO |
| POW.PR.C | Perpetual-Premium | Quote: 25.05 – 25.75 Spot Rate : 0.7000 Average : 0.4236 YTW SCENARIO |