The unemployment rate comes in at 5.8% vs 5.8% expected
Canada may employment change came in at -7.5 K versus 23.5 K expected. Lower than expectations.
- the prior month showed a - 1.1 K decline in net employment change (unrevised)
- unemployment rate 5.8% versus 5.8% expected and 5.8% last
- hourly earnings for permanent employment year on year rose by a greater 3.9% versus 3.2% expected and 3.3% prior
- full-time employment fell -31K versus 15 K expected
- part-time employment 23.6K vs -30K last month
- participation rate 65.3% versus 65.5% expected. Prior month came in at 65.4%
The USDCAD moved higher (lower CAD) on the news, the price moved back above the 1.3000 level and moved to a high of 1.3037, but is retracing the gains as I type and are back below the 1.3000 level and trading back toward the starting levels. The jobs data was not great but the wage data has moved to the highest level since July 2012 when it was also at 3.9%
