Investing.com – Canada’s unemployment rate unexpectedly dropped in May to its lowest level in almost a year, bolstering optimism over the Canadian economy, according to official data released on Friday.
Specifically, the Statistics Canada report showed that the Canadian unemployment rate for May was fell to 6.9%, compared with expectations for it to remain steady for a third-month running at 7.1%.. This was it's lowest level since July 2015.
The Canadian economy created 13,800 jobs last month, compared to the consensus estimate for the creation of 3,800 posts and after the destruction of 2,100 jobs in April.
The participation rate slipped to 65.7%, from the prior 65.8%.
The full employment change was an increase of 60,500 in May, compared to the prior month's loss of 2,400.
Part-time jobs fell by 46,800, compared to the April's creation of 400 posts.
The looney jumped after the release. USD/CAD traded at 1.2669, compared to 1.2747 prior to the data.
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