Canada lost 2,200 jobs in March after creating 40,700 in February, as reported by the country's Statistics Office. This is the first drop in job creation in eight months. The data disappoints market expectations, which expected the creation of 25,000 jobs.
The Canadian unemployment rate has risen three tenths, standing at 6.1%its highest level since January 2022. The indicator has worsened the forecasts that placed it at 5.9% from 5.8% in February.
Average hourly wages have risen 5% annually after growing 4.9% the previous month.
Finally, the participation rate has remained at 65.3%.
Canadian dollar reaction
The CAD has suffered a strong decline against the Dollar after the poor Canadian employment data and the good level shown by the United States Non-Agricultural Payrolls, which have grown much more than expected. He USD/CAD has jumped more than 80 pips higher, rising to 1.3633, its highest level in four monthsfrom November 2023.
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.
