Canadian employment fell 83k in February, well in excess of expectations (median -50k) after the 129k plunge in January. All of the losses were in full time jobs, which fell 111k after a 114k decline in January. Part time employment rose 28k after a 15k decline. Private sector employment fell 58k after an 87k pull-back while public sector jobs dropped 24k after a 42k decline. Service producing jobs led the way lower, falling a massive 71k after a 9k decline — that is the largest one-month decline going back to 1990. Goods sector jobs fell a comparatively modest 11k after the 121k plunge in January, as a 25k bounce in manufacturing employment partially offset a 43k drop in construction sector jobs. The unemployment rate jumped to 7.7%, also in excess of expectations (median 7.4%), from 7.2%. Hours worked fell another 0.5% on top of the 0.6% drop in January, leaving hours falling at a 2.6% y/y rate in February versus the -2.2% on January.