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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
CanadaCanada Labor Productivity QoQ fell to -0.4% in Q3 2024
FMPMonthlyReleased December 2024
Canada Labor Productivity QoQ fell to -0.4% in Q3 2024, released December 2024, down 0.3% from June's -0.1% reading. The reading missed the 0.2% consensus by 0.6%. The print is running well below the 12-month average of -0.36%. Labor Productivity QoQ is now the lowest in 9 months.
Latest Release
-0.4
Actual
0.2
Consensus
-0.1
Previous
Median Absolute Error
±0.35 percentage points
across last 12 releases
Last Call
Dec 2024
Predicted: 0.15
Actual: -0.4
Error: +0.55
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| USD/CAD | ▼ Inverse | −0.50 | FOREX | Bullish CAD | → View |
| CAD/JPY | ▲ Direct | +0.45 | FOREX | Bullish CAD | → View |
| WTI Crude | ▲ Direct | +0.40 | COMMODITIES | Watch | → View |
| EUR/CAD | ▼ Inverse | −0.35 | FOREX | Bullish CAD | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Labor Productivity QoQ (Canada) was reported at -0.4% in December 2024. This missed the market consensus of 0.2% by 0.6%. The reading fell from the previous value of -0.1%.
WHY IT MATTERS
The trailing three releases averaged -0.3%, up from the prior three at -0.33%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/CAD (Bullish CAD). A secondary relationship exists with CAD/JPY, positively correlated (Bullish CAD). Over the last 12 releases, the Sigmacast model's median absolute error is 0.35%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Current Account (May 28) and Financial Stability Report (May 28).
Auto-generated from current model state · Refreshes on each release · Last update December 2024.
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Labor Productivity QoQ - CA
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About Labor Productivity QoQ — Canada
DEFINITION
Labor Productivity QoQ (Quarter-over-Quarter) is a key financial indicator that measures the change in output per hour worked in a given quarter. It provides valuable insights into the efficiency and effectiveness of a country's labor force, as well as the overall health of its economy. A positive QoQ growth indicates an increase in productivity, while a negative growth may signal a decline. This indicator is closely monitored by investors, policymakers, and businesses to make informed decisions and assess the economic performance of a country.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2024): actual -0.4 %, consensus 0.2 %. Prior reading (Apr 2024): -0.2 %. Before that (Jan 2024): -0.3 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with USD/CAD (Bullish CAD, r=-0.50) — a useful reference for forex-focused traders.