Wednesday, July 29th23.4°C
27107
25998

Loonie lifts nearly half a cent as Canadian jobs data impresses traders

TORONTO - The Canadian dollar gained nearly half a cent on Friday as the latest domestic jobs figures delivered a few positive surprises on the economy.

The loonie ended 0.48 of a cent higher at 91.07 cent cents US, after Statistics Canada said 43,000 net new jobs were added in March.

Most of the new jobs were part-time positions, and the vast majority of the new jobs went to young Canadians, the agency said.

Another soft spot in the report was that almost all the new jobs were in the public sector, while new private sector hiring was limited to 3,900.

The figure pushed the unemployment rate one tenth of a point lower to 6.9 per cent.

"The strong bounce in March employment is encouraging though it follows a 7,000 drop in February and leaves the average increase over the previous four months at a still modest 5,000," wrote RBC Economics assistant chief economist Paul Ferley in a note.

"Thus today's report does not alter our view that monetary policy is likely to remain highly accommodative to try and sustain more robust employment growth going forward."

Meanwhile in the United States, employers added 192,000 jobs in March, but the unemployment rate was unchanged at 6.7 per cent. The March jobs numbers were slightly below February's total of 197,000.

One of the brightest spots in the U.S. non-farms payroll report was a revision by the Labor Department of its January and February figures — adding 37,000 more jobs to the period than was originally estimated.

However traders reacted to the uncertain outlook it offered for the U.S. economy. Prices for gold, widely considered a safe-haven commodity, increased by US$18.90 to US$1,303.50 an ounce for the June contract, while May copper was relatively unchanged at US$3.02 a pound.

Oil continued to trade above US$100 a barrel with May crude settling 85 cents higher to US$101.14 a barrel.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14222.48+145.12
S&P CDNX585.47-1.49
DJIA17731.82+101.55
Nasdaq5092.82+3.62
S&P 5002102.29+9.04
CDN Dollar0.7757+0.0019
Gold1096.90+0.60
Oil49.66+1.25
Lumber252.60-3.50
Natural Gas2.862+0.041

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.35-0.02
Cantex0.05+0.00
Anavex Life Sciences0.8195+0.0395
Metalex Ventures0.045-0.015
Russel Metals19.15+0.80
Copper Mountain Mining0.83+0.01
Colorado Resources0.055-0.005
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.14-0.01
Decisive Dividend Corp2.60-0.10

 





FEATURED Property
2375499307 - 1931 Barlee Rd.
2 bedrooms 2 baths
$139,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_








Member of BC Press Council


24697