Canadian unemployment rate unexpectedly drops to 7.1% in March

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Investing.com -

Investing.com - Canadian unemployment registered a surprise decrease in March, after having hit a 3-year high in February, according to official data released on Friday.

Specifically, the Statistics Canada report showed that the Canadian unemployment rate for March dropped to 7.1%, surprising analysts who had expected the jobless rate to remain stable at 7.3%.

The Canadian economy also created 40,600 jobs last month, compared to the consensus estimate for the creation of 10,000 posts and after the destruction of 2,300 jobs in February.

The participation rate remained stable at 65.9%.

The looney jumped after the release. USD/CAD traded at 1.3012, compared to 1.3067 prior to the data.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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