The unemployment rate in Canada rose to 5.2% in May from 5% in April, Statistics Canada reported on Friday. The net change in employment stood at -17,300 after the increase of 41,400 registered in April, missing the market expectations of +23,200 by a wide margin.
Other details of the publication have shown that the participation rate dropped from 65.6% to 65.5% and annual wage inflation, measured by the average hourly wage, stood at 5.1%slightly below the 5.2% in April.
“There were fewer people employed in business, construction and other support services (-31,000; -4.4%), as well as professional, scientific and technical services (-13,000; -0.7%),” Statistics Canada said in your press release. “Employment increased in manufacturing (+13,000; +0.7%), “other services” (+11,000; +1.5%) and public services (+4,200; +2.7%).”
market reaction
As an immediate reaction, the USD/CAD has staged a bounce and erased its daily losses, turning flat on the day at slightly above 1.3350.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
