Canada: Unemployment Rate declines to 4.9% in June vs. 5.1% expected
|- Unemployment Rate in Canada fell unexpectedly in June.
- USD/CAD trades in positive territory above 1.3000 after Canadian jobs report.
The Unemployment Rate in Canada declined to 4.9% in June from 5.1% in May despite a 43.2K decline in Net Change in Employment, the data published by Statistics Canada showed on Friday. Investors were expecting the Unemployment Rate to remain unchanged at 5.1%.
The Participation Rate fell to 64.9% from 65.3% in the same period, explaining the lower Unemployment Rate despite falling employment. Finally, the Average Hourly Wages rose by 5.57% on a yearly basis in June, up from 4.45% in May.
Market reaction
The USD/CAD pair gained traction after this report and was last seen rising 0.5% on the day at 1.3030.
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