Canada June employment change 59.9K vs 20.0K expected

<ul><li><a href="https://www.forexlive.com/news/canada-may-employment-173k-vs-232k-expected-20230609/" target="_blank" rel="follow">Prior</a> -17.3K</li><li>Employment change 59.9Kversus 20.0 K estimate</li><li>unemployment rate 5.4% versus 5.3% estimate. Last month 5.2%</li><li>participation rate 65.7% vs 65.5% last month</li><li>full-time 109.6K versus -32.7K last month</li><li>part-time employment -49.8K versus 15.5K last month</li><li>average hourly earnings YoY 4.2% </li></ul><p>Employment in June rose by 60,000 (+0.3%), predominantly in full-time positions (+110,000; +0.7%). However, the unemployment rate also increased to 5.4% (+0.2 percentage points) due to a larger number of job seekers. The boost in employment was concentrated among young men aged 15 to 24 and men aged 25 to 54, both groups seeing an increase of +31,000. Women's employment remained virtually unchanged in June. Significant employment increases were observed in Ontario (+56,000), Nova Scotia (+3,600), and Newfoundland and Labrador (+2,300), while Prince Edward Island experienced a decline (-2,400). Employment growth was seen in wholesale and retail trade (+33,000), manufacturing (+27,000), health care and social assistance (+21,000), and transportation and warehousing (+10,000). In contrast, construction, educational services, and agriculture reported decreases. Average hourly wages rose by 4.2% on a year-over-year basis in June, reaching $33.12, while total hours worked remained nearly unchanged but showed a 2.0% increase year-over-year.</p><ul><li>The gain in employment was the largest since January 2023.</li><li>YoY average hourly wages rose 4.2%. This is the slowest year over year growth in average error wages since May 2022</li></ul><p>The USDCAD has moved lower helped also by the modest rise in the US nonfarm pay data. Although the wage data was a bit of an issue in the US.</p>

This article was written by Greg Michalowski at www.forexlive.com.