Canada: ADP Employment Change surges to 208.4K in May vs. -280.3K expected
|- ADP Employment Change in Canada rebounds sharply in May.
- USD/CAD pair stays flat on the day above mid-1.3500s after the data.
Employment in Canada increased by 208,400 from April to May, the monthly data published by the ADP Research Institue revealed on Thursday. This reading beat the market expectation for a decrease of 280,300 by a wide margin.
"The April total of jobs added was revised from -226,700 to -2,361,714," the ADP noted in its press release.
Commenting on the data, “The job market appeared to show early signs of a rebound in May as restrictions eased and many began to return to work,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Industries that led job growth were construction, healthcare and administrative support services while manufacturing and finance continued to show loss as a result of COVID-19.”
Market reaction
The CAD failed to take advantage of this data. As of writing, the USD/CAD pair was trading at 1.3565, where it was virtually unchanged on a daily basis.
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