- Labor market data for August below expectations.
- Negative net change in employment at 39,700, against an expected increase of 15,000.
- The loonie backs away after the data.
The canada employment report august showed figures below expectationsyes The net change in employment, which was expected to be positive at 15,000, showed a reduction of 39,700. In July there had been a drop of 30,600. It is the third consecutive month with a drop in jobs.
Full-time jobs fell by 77,200 while part-time jobs rose by 37,500 in August.
The unemployment rate went from 4.9% to 5.4%, a steeper-than-expected rise to 5%. The level of unemployment reached the maximum since February 2022. The participation rate went from 64.7% to 64.8%.
USD/CAD extended the rebound from levels below 1.3000 and rose to 1.3040 after the figures, paring losses on the day.
Source: Fx Street
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