This article was last updated on April 16, 2022
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Canada has surprisingly created a total of 43,100 new jobs in October, sinking the unemployment rate down to an almost six-year low of 6.5 percent, resulting in unexpected market optimism that the sluggish job market might finally be improving. According to several analysts’ predictions, there was an expected loss of 5,000 jobs after September’s gain of 74,100 positions.
Statistics Canada confirmed on Friday that the jobless rate had downed from 6.8 percent in September and reached the lowest since the 6.4 percent recorded in November 2008. Scotiabank chief currency strategist, Camilla Sutton, stated that “I think that the shift in the labor market is very encouraging.” It was alleged that “all in all, it would suggest that the Canadian economic fundamental situation is a bit better than had been priced in.” Perhaps Canada’s consistently sluggish job creation history and lethargic economy were part of the reasons that Bank of Canada Governor, Stephen Poloz, announced to keep the interest rates near-record lows for the time being on Tuesday.
Whereas on the other hand, the Canadian dollar acquired nearly a cent to a session high against the U.S. dollar, reaching C$1.1330 to the greenback, or 88.26 U.S. cents, and above Thursday’s close of C$1.1426, or 87.52 U.S. cents. According to Finance Minister Joe Oliver, the recent trend was “very positive.” Mr. Oliver announced a media event on Thursday, but his office denied any suggestion that this meant he was signaling the figures were likely to be good.
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