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Canada: Employment increased by 290K in May, Unemployment Rate edged higher to 13.7%

Employment in Canada rose by 290,000 in May, the data published by Statistics Canada showed on Friday. Despite this increase, the Unemployment Rate climbed to 13.7% from 13% in April to mark the highest reading since 1976.

Key takeaways from the press release

"Three-quarters of the employment gains from April to May were in full-time work (+219,000 or +1.6%)."

"Compared with February, full-time employment was down 11.1% in May, while part-time work was down 27.6%."

"In February, prior to the COVID-19 economic shutdown, the unemployment rate was 5.6%. It increased to 7.8% in March and 13.0% in April."

"In May, unemployment grew more slowly (+201,000; +8.3%) than in the previous two months and there was little change in the number of people on temporary layoff."

Market reaction 

The USD/CAD pair fell sharply on the upbeat data and was last seen trading at 1.3422, losing 0.55% on the day.

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