- Unemployment Rate in Canada rose to 5.4% in June.
- Net Change in Employment: 59,900 vs 20,000 expected.
- USD/CAD drops toward 1.3300 after jobs reports.
The data published by Statistics Canada revealed on Friday that the Unemployment Rate rose to 5.4% in June. This reading came in above the market expectation of 5.3%. The Participation Rate increased from 65.5% to 65.7%.
Further details of the publication revealed that the Net Change in Employment was positive by 59,900, surpassing analysts' estimate of a 20,000 increase and follows a 17,300 decline in May. The annual wage inflation arrived at 3.9% in June.
- Unemployment Rate in Canada rose to 5.4% in June.
- Net Change in Employment: 59,900 vs 20,000 expected.
- USD/CAD drops toward 1.3300 after jobs reports.
The data published by Statistics Canada revealed on Friday that the Unemployment Rate rose to 5.4% in June. This reading came in above the market expectation of 5.3%. The Participation Rate increased from 65.5% to 65.7%.
Further details of the publication revealed that the Net Change in Employment was positive by 59,900, surpassing analysts' estimate of a 20,000 increase and follows a 17,300 decline in May. The annual wage inflation arrived at 3.9% in June.
Key takeaways from the report:
- The number of employees receiving pay or benefits from their employer—measured as "payroll employees" in the Survey of Employment, Payrolls and Hours—decreased by 25,100 (-0.1%) in April, excluding federal government public administration.
- Growth in payroll employment has moderated since the beginning of 2023. The decline in April followed cumulative increases of 48,900 ( 0.3%) in February and March. In comparison, payroll employment in the previous five-month period generally trended upwards, with cumulative gains of 279,700 ( 1.6%) from September 2022 to January 2023.
- Meanwhile, job vacancies edged down to 790,900 in April. Since January 2023, the overall number of job vacancies has fallen by 72,700 (-8.4%).
- On a month-over-month basis, average weekly earnings were little changed in April, following an increase of 1.0% in March. Monthly gains in April were recorded in construction ( 3.9% to $1,514), educational services ( 2.6% to $1,197) and transportation and warehousing ( 1.9% to $1,252)
- The number of employees receiving pay or benefits from their employer—measured as "payroll employees" in the Survey of Employment, Payrolls and Hours—decreased by 25,100 (-0.1%) in April, excluding federal government public administration.
- Growth in payroll employment has moderated since the beginning of 2023. The decline in April followed cumulative increases of 48,900 ( 0.3%) in February and March. In comparison, payroll employment in the previous five-month period generally trended upwards, with cumulative gains of 279,700 ( 1.6%) from September 2022 to January 2023.
- Meanwhile, job vacancies edged down to 790,900 in April. Since January 2023, the overall number of job vacancies has fallen by 72,700 (-8.4%).
- On a month-over-month basis, average weekly earnings were little changed in April, following an increase of 1.0% in March. Monthly gains in April were recorded in construction ( 3.9% to $1,514), educational services ( 2.6% to $1,197) and transportation and warehousing ( 1.9% to $1,252)
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