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Canada with all the fallout from political scandals and falling Canadian energy prices, pipeline missteps and trade wars surprised by adding +106.5K jobs in April, the most in history and crushing the +11.6K expected. The Canadian Dollar soared.

Canada May Jobs

Canadian April employment report:

Employment +106.5k v 11.6k expected, Prior was -7.2K

Unemployment rate 5.7% v +5.8% expected

Participation rate 65.9% v 65.7% prior

Full time +73.0K v -6.4K prior

Part time +33.6K v -0.9K prior

Biggest one-month jobs gain on record, dating back to 1976 (when records started).

The past nine months have seen the strongest jobs growth in Canada since 2003 despite difficulties in the oil and housing markets. The Canadian dollar (USD/CAD) fell to 1.3399 from 1.3465 ahead of the report. This put the rate at the lowest since Ma.

  • Hourly wage for permanent employees 2.6% v +2.3% expected, strongest since August
  • Annual hourly wage gains accelerated to 2.5 percent in April, the fastest annual gain since September, up from 2.4 percent in March.
  • Total hours worked increased by 1.3 percent annually in April, from 0.9 percent in March.

Breakdown

  • Quebec unemployment fell to 4.9% from 5.2% and is now the lowest on record
  • Ontario added 47K jobs, primarily due to part time work in 15-24 segment
  • Alberta employment up 21K Youth unemployment rate of 10.3% is lowest on record
  • The unemployment rate for people aged 55 and older decreased by 0.2 percentage points to 5.3% as more people participated in the labour market.
  • Wholesale and retail trade +32k new jobs
  • Construction +29K
  • Private sector +84K
  • Public sector +23K

Source: TradingEconomics

From The TradersCommunity NewsDesk

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