Canada Unemployment Rate rises to 5.7% in October vs. 5.6% expected
- Canada Unemployment Rate rises to 5.7% in October.
- Employment increases by 17,500 below expectations of 22,500.
- USD/CAD tumbles toward 1.3700 on the back of a weaker US Dollar after NFP.
The Unemployment Rate in Canada rose to 5.7% in October, Statistics Canada reported on Friday, worse than the market consensus of a modest increase to 5.6%. It was the fourth monthly increase in the past six months and the highest level since early 2022.
Employment rose by 17,500 following an increase of 63,800 in September, and below expectations of 22,500. “Both full-time and part-time employment held steady in October,” informed Statistics Canada.
Market reaction
The USD/CAD declined after the release of employment reports in the US and Canada, falling toward 1.3700. In the US, Nonfarm payrolls rose by 150,000 in October, below expectations.
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.