Investing.com – Canada’s unemployment rate ticked up as expected in May although the economy created more jobs than expected, according to official data released on Friday.
Specifically, the Statistics Canada report showed that the Canadian unemployment rate rose as expected to 6.6% in May from the prior reading of 6.5%.
The Canadian economy created 54,500 jobs last month, compared to the consensus estimate for just 11,000 posts and after the creation of 3,200 jobs in April.
That was compared to April’s destruction of 31,200 full time jobs and the creation of 34,300 part time posts.
Finally, the participation rate inched up to 65.8% in May, from the prior 65.6%.
Following the report, USD/CAD traded at 1.3478, compared to 1.3512 prior to the data.
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