June Canadian employment data

Canada employment change payroll
  • prior was 952.9K
  • Canada unemployment rate 10.9% vs. 11.0% estimate
  • prior unemployment rate 12.3%
  • full-time employment 73.2 K vs. 488.1 K last month
  • part-time employment 345.3 K vs. 464.8 K last month
  • hourly wage rate permanent employees 5.7% vs. 5.4% estimate. Last month 6.8%
  • participation rate 64.3% vs. 64.5% estimate. Last month 63.8%
  • job gains were driven by trade sector (+101.3 K)
  • business support sector led the losses at -20.1 K
  • private employment rose 375.8 K in July. Vs. 867.3 K last month
  • public unemployment rose 48.9 K in July vs. 74.5 K in last month
  • 5.5 million Canadian workers were affected by the Covid 19 economic shut down which included 3 million drop in employment and an absence from work of 2.5 million
  • employment is within 1.3 million of its pre-Covid February level
  • number of people employed but worked less than half their usual hours for reasons likely related to Covid 19 drop by 412 K
  • the total number of affected workers stood at 2.3 million a reduction since April of 58%
  • CLICK HERE for the breakdown from statcan

Overall, the numbers keep on heading in the right direction. However the gains this month were largely in part-time employment.

The USDCAD has moved modestly lower after the report. The pair is trading between its 200 hour moving average above at 1.33593 and its 100 hour moving average below 1.33278. The moved to the downside tested the 100 hour moving average and we are seeing a modest bounce off that level. The price currently trades at 1.3334.