eFXdata reports that analysts at CIBC Research provide their reaction to today's Canadian jobs report for September.

"Services sectors continued their rehiring spree in September. Out of the total 157K jobs created, which blew past consensus expectations, 142K were in services sectors. By the end of the month, employment had reached pre-pandemic levels again, but there was still slack to be absorbed given that the population has increased since early 2020." 

"With the participation rate rising in September, coinciding with a decline in Canadians receiving government supports, the unemployment rate only declined to 6.9%. While the headline print likely seals the deal for another taper from the Bank of Canada later this month, there's still a ways to go to fully heal the labour market."