Canada: Employment report was consistent with a gradual re-opening of the economy – NFB

The net change in employment in Canada in June was positive in near a million, surpassing expectations. Jocelyn Paquet and Kyle Dahms, analysts at the National Bank of Canada, point out the labour market extended the recovery into June, but it still has a long way to go. 

Key Quotes:

“Most analysts expected the job market to extend its gains in June and the LFS report did not disappoint. Nearly a million jobs were created in the month, by far the largest improvement observed in data going back to 1976.”

“Hourly earnings dropped precipitously from May’s level but this was due to the return to work of thousands of low-paid workers, notably in the retail and accommodation/food services sectors.”

“The gains recorded in the past two months are only a fraction of the 3.0 million jobs lost in March and April.”

“Total employment remains down 9.2% from its peak.”

“Hours worked may have been up 9.8% in the month, but they were still tracking a 54.9% annualized drop in the second quarter as a whole.”

“Looking forward, we expect the pace of job creation to slow as some industries will likely continue to operate below capacity for some time.”

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 


GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.


Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News