Loonie Jumps on Jobs Beat
The Canadian economy generated more jobs than anticipated in April, helping reduce market expectations for an imminent pivot toward easier monetary policy from the Bank of Canada. 90,000 new positions were added in the month and the unemployment rate held at 6.1 percent in March. Consensus estimates had pointed to 20,000 new hires, with elevated population growth and still-high participation rates pushing unemployment to 6.2 percent. The services sector generated most of the gains, but gains were widespread, with professional, scientific and technical services, accommodation and food, health care and social assistance, and natural resources industries offsetting modest losses in...