Canada: Unemployment Rate declines to 5% in December vs. 5.2% expected
|- Employment in Canada rose at a stronger pace than expected in December.
- USD/CAD erased its daily gains and declined below 1.3550 after the data.
The data published by Statistics Canada revealed on Friday that the Unemployment Rate declined to 5% in December from 5.1% in November . This reading came in better than the market expectation of 5.2%.
Further details of the publication showed that the Net Change in Employment was +104K, much higher than analysts' estimate of +8K.
"Year-over-year growth in the average hourly wages of employees remained above 5% for a seventh consecutive month in December, up 5.1% (+$1.57 to $32.06) compared with December 2021 (not seasonally adjusted)," Statistics Canada noted in its publication. "Total hours worked were little changed on a monthly basis in December, and up 1.4% compared with 12 months earlier."
Market reaction
USD/CAD declined sharply after the Canadian jobs report and was last seen losing 0.2% on the day 1.3540.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.