Thursday, March 5th-4.5°C
25405
24949

Loonie tumbles on poor job numbers

The Canadian dollar fell more than a US cent Friday morning as job creation numbers for Canada and the United States missed by a wide margin.

The loonie tumbled 1.03 cents to 97.75 cents US after Statistics Canada reported the economy shed 55,000 jobs -- all full time -- in March. The unemployment rate rose by 0.2 per cent to 7.2 per cent.

Generally speaking, economists had expected about 6,500 jobs to have been created last month, although BMO Capital Markets had suggested it could be as many as 18,000.

The dollar was also punished by other data that showed a big increase in Canada's trade deficit with the rest of the world.

In the U.S., the Labour Department reported that the economy only managed to crank out 88,000 jobs last month even as the jobless rate declined 0.01 per cent to 7.6 per cent.

Traders had started the week off expecting that the U.S. non-farm payrolls report would show that about 190,000 jobs were produced in March following a reading of 220,000 in February.

But that was before the release of data over the past few days showing slower than expected expansion in both the manufacturing and service sectors, capped off with a report from payroll firm ADP that the economy created fewer than expected jobs in the private sector.

Meanwhile, Statistics Canada said the trade deficit widened from $746 million in January to $1 billion in February.

Exports decreased 0.6 per cent to $38.5 billion, with shipments of metal and non-metallic mineral products contributing the most to the decline. The agency said that this was partially offset by an increase in motor vehicles and parts.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15082.84-51.01
S&P CDNX698.09-4.21
DJIA18096.90-106.47
Nasdaq4967.142-12.76
S&P 5002098.53-9.25
CDN Dollar0.8039-0.0009
Gold1202.50+1.90
Oil53.38+0.15
Lumber287.30-3.40
Natural Gas2.784+0.015

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.05
Cantex0.035-0.005
Anavex Life Sciences0.18+0.005
Metalex Ventures0.04-0.005
Russel Metals24.95-0.26
Copper Mountain Mining1.24-0.01
Colorado Resources0.13-0.005
ReliaBrand Inc0.0065-0.0015
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.225+0.01

 



25103

FEATURED Property
2141170#154 1651 Lynrick Road
3 bedrooms 3 baths
$309,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


25413