Canada: Employment decreased by 1.8K in October vs. +15.9K expected

Unemployment in Canada remained unchanged at 5.5% as expected.
Net Change in Employment came in below the market estimate.
USD/CAD pair pushed higher above the 1.32 mark with the initial reaction.

Eren Sengezer FXStreet

The data published by Statistics Canada on Friday revealed that the total number of employed decreased by 1,800 in October to miss the market expectation for an increase of 15,900 by a wide margin.

With the initial reaction, the USD/CAD pair spiked to a fresh daily high of 1.3233 and was last seen trading at 1.3215, adding 0.38% on a daily basis.

"Following two consecutive months of growth, employment held steady in October. The unemployment rate was unchanged at 5.5%," the press release read. "On a year-over-year basis, employment grew by 443,000 or 2.4%, driven by gains in full-time work. Over the same period, total hours worked were up 1.3%."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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