Canada Adds 58,200 Jobs in April

Canadian employment rose almost six times faster than economists forecast in April, led by private- sector and full-time positions, to create the largest two-month increase in more than 30 years.

Employment rose by 58,200 following a March jump of 82,300 that was the biggest since September 2008, Statistics Canada said today in Ottawa. The labor force grew by 72,500, lifting the jobless rate to 7.3 percent from 7.2 percent. Economists surveyed by Bloomberg News projected a 10,000 gain in jobs and 7.3 percent unemployment, according to the median forecasts.

Canada’s recovery may prompt central bank Governor Mark Carney to raise interest rates this year, leading the Group of 10 nations, according to Toronto-Dominion Bank. (TD) The Bank of Canada said last month higher borrowing costs may be needed because of faster-than-expected growth, while a report yesterday showed a fifth straight trade surplus.

“It’s the strongest vote of confidence you can get,” said John Clinkard, economist at Deutsche Bank AG in Toronto, in a telephone interview. Companies are “catching up” after delaying hiring earlier in the recovery, he said.

Bloomberg

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell