Employment in Canada surged last month, led by the biggest one-month private-sector hiring ever recorded, while the unemployment rate climbed on a sharp increase in the number of younger people looking for a job.
The Canadian economy added a net +66.8K jobs in January – the market was expecting a net job increase of +5K.
Canada’s jobless rate climbed to +5.8% in January, from +5.6% m/m. The uptick is being attributed to more people looking for work.
An estimated +103K Canadians joined the labor force in January, the largest one-month gain in a decade.
CAD has rallied hard on the surprise number, up +0.6% to C$1.3241 – the loonie was trading at C$1.3303 ahead of the release.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.