Wednesday, October 1st7.3°C
22738
22497

Canadian dollar down, greenback rises in wake of strong U.S. employment data

TORONTO - The Canadian dollar closed lower Friday as the greenback appreciated in the wake of data showing stronger than expected U.S. jobs data.

The loonie was down 0.16 of a cent to 91.07 cents US as the U.S. Labor Department reported that the American economy cranked out 288,000 jobs in April.

Economists had expected growth of around 200,000. Also, the jobless rate fell from 6.7 per cent to 6.3 per cent, the lowest level since September 2008.

The news wasn't all good: the labour force participation rate fell to just 62.8 per cent in April from 63.2 per cent in March.

Canadian jobs data for April will be released next Friday.

The U.S. jobs data was released in the wake of other recent economic reports that have pointed to faster economic growth after a dismal start to the year, slowed by a brutal winter.

Consumers are ramping up spending, businesses are ordering more goods and manufacturers are expanding. The strengthening numbers show that severe weather in January and February were largely to blame for the economy’s scant growth at the start of the year.

The economy barely expanded from January through March, eking out an annual growth rate of just 0.1 per cent, down from a 2.6 per cent rate in the final three months of 2013.

Meanwhile, Ontario Premier Kathleen Wynne has called a June 12 election instead of waiting to see her minority Liberal government defeated in a confidence vote on its budget. Earlier Friday, NDP Leader Andrea Horwath said her party would vote against the budget handed down Thursday by the minority Liberal government. The Liberals’ budget said the province would rack up a deficit of $12.5 billion this year, up from $11.3 billion last year.

Horwath said the Liberals haven’t kept the promises they made to the NDP in last year’s budget, so she can’t trust them to keep the 70 new promises made in this year’s spending plan.

On the commodity markets, June bullion climbed $19.50 to US$1,302.90 an ounce.

June crude in New York gained 34 cents to US$99.76 a barrel, while July copper was up five cents to US$3.07 a pound.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8919-0.0012
Gold1209.30-2.2999
Oil90.17+0.41
Lumber333.20+0.30
Natural Gas4.139+0.018

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 



23057

FEATURED Property
17859801219 Sunnybrae Road, West Kelowna, BC
4 bedrooms 4 baths
$1,595,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


23391