The Labour Force Survey, which measures the change in the underlying employment statistics in Canada for June, registered a 0.1% increase in the unemployment rate, which in turn reached 5.5 per cent.
“In the second quarter, employment rose by 132 000 (+0.7%), virtually all in full-time work. On a year-over-year basis, employment was up by 421 000 or 2.3%.” [source]
Furthermore, an interesting trend has been observed in the Canadian labour market in the previous month:
“There was little change in the number of employees in both private and public sectors in June. Collectively, the total number of employees in these two sectors rose by 39,000 (+0.2%). At the same time, self-employment was down by 41, 000 (-1.4%).
Hence, a transformational change has been recorded as the labour market sentiment has changed, and thus, the noticeable change from self-employment towards private and public employment.
Image source: TradingEconomics.com
Despite the marginal increase of the total unemployment, the overall condition of the Canadian labour market is still looking promising, with the current performance approaching full employment at present.
At the time of publication, the USDCAD pair has managed to appreciate with +0.52 per cent in the daily trading session, and thus succeeded in breaking back above the fundamentally important support level at 1.31000
Image source: Trendsharks ©, created with TradingView.com
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