The stronger-than-expected employment gain pushes the jobless rate below forecasts, signaling resilience in Canada’s labor market.
Canada’s economy added 87.8 K jobs in the latest month, exceeding the 10.0 K estimate and reversing a revised decline of 17.7 K in the prior period. The unemployment rate fell to 6.6%, down from 6.9% previously, as full-time hiring rebounded after a sharp drop last month.
Analysts had expected a modest 10.0 K gain following last month’s contraction. Part-time employment also improved, contrasting with a 29.0 K increase in the prior month. Wage growth data for permanent employees was not immediately available, though last month’s print stood at 4.8%.
USDCAD held near 1.3890 ahead of the release, with markets assessing the implications for Bank of Canada policy amid no further rate cuts currently priced in.