News Story

Canadian unemployment rate unexpectedly drops as job creation beats

– Canada’s unemployment rate unexpectedly fell in August as the economy created more jobs than forecast, according to official data released on Friday.

Specifically, the Statistics Canada report showed that the Canadian unemployment rate dropped to at 6.2% in August. Analysts had expected it to remain unchanged at 6.3%.

The Canadian economy created 22,200 jobs last month, compared to the consensus estimate for just 19,000 posts and after the creation of 10,900 jobs in July.

Of those posts, Canada destroyed 88,100 full time jobs, but created 110,400 part time jobs in August.

That was compared to July’s creation of 35,100 full time jobs and the destruction of 24,300 part time posts.

Finally, the participation rate held steady at 65.7% in August.

Following the report, USD/CAD traded at 1.2083, compared to 1.2086 prior to the data.

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