Canadian Employment Remains Strong On Commodities Demand

The Canadian labor market continues to remain strong on the back of robust demand for commodities. The economy added 19,200 jobs in April against expectations of 10,000, as the service sector saw an increase of 22,900 jobs up from the 6,800 added in February. Looking at the components, the central bank will be encouraged by the 20,600 increase in fulltime workers from a 19,600 decline in March, as it may be a sign that companies outlooks are improving. Also, the beaten down finance sector added 4,100 after losing 12,900 the month prior. However, the unemployment rate rose to 6.1% and the private sector only added a net 800 jobs with government hires accounting for the majority of the gain. The MPC has remained dovish and will look to the upcoming trade balance report and the state of exports to the U.S for clues to the longer term outlook for the economy and future policy decisions.

DailyFX

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