Home Forex The unemployment rate jumped to 5.4% in August vs. expected 5%.

The unemployment rate jumped to 5.4% in August vs. expected 5%.

by SuperiorInvest

The Unemployment rate in Canada rose to 5.4% in August from 4.9% in July, Statistics Canada said Friday. The figure was worse than market expectations of 5%.

Further details of the publication revealed that the net change in employment was -39.7K compared to market expectations of +15K. Full-time employment decreased by 77.2 thousand and part-time employment increased by 37.5 thousand during the same period.

The participation rate improved slightly to 64.8% from 64.7% in July.

Market reaction

With the initial reaction, USD/CAD it picked up recovery momentum and wiped out some of its daily losses. At the time of writing, the pair was still down 0.5% on the day at 1.3028.

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