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Canada generates 26,700 jobs in May compared to the estimated 22,500

Canada has created 26,700 jobs during the month of May, after generating 90,400 in April, as published by the Statistics Office. The figure exceeds the 22,500 jobs expected by the market.

The Unemployment rate has risen one tenth, standing at 6.2%, as expected. This is the highest level of unemployment seen since January 2022. The participation rate has remained at 65.4%.

On the other hand, the Hourly wages have increased by 5.2% annual compared to the previous 4.8%, its largest increase in four months.

Canadian dollar reaction

The Canadian Dollar (CAD) has reacted downward after the publication of employment data from Canada and the United States, dragged by the strength of the US Dollar, which has risen on the expectation that the strong employment data from the Payrolls will not Farmers cause the Fed to keep rates high longer. He USD/CAD has risen to a two-day high at 1.3737 after the data and is currently trading above 1.3726, gaining 0.41% daily.

Source: Fx Street

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