News Story

Canadian Job Creation Grows to Four-Year High

– Canada’s unemployment rate fell more than expected and the economy created tens of thousands of jobs in November as the Canadian labor market picks up, according to official data released on Friday.

The Statistics Canada report showed that the Canadian unemployment rate fell to 5.9% in November, compared to 6.3% the month prior. Analysts had expected it to stay flat at 6.2%.

The Canadian economy created 79,500 jobs last month, the highest in nearly four years, compared to 35,300 jobs in October. Economists had expected the creation of 10,000 jobs.

Following the report, USD/CAD traded at 1.2800 compared to 1.2879 prior to the data.

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