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Canadian job creation surges in May but unemployment rate ticks up

Economic IndicatorsJun 09, 2017 08:32AM ET
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© Reuters. Canada’s jobless rate rises to 6.6% in May, in line with forecasts

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.

Of those posts, Canada created 77,000 full time jobs, but destroyed 22,300 part time jobs in May.

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.

Canadian job creation surges in May but unemployment rate ticks up
 

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