Friday, August 22nd20.5°C
22568

Loonie little changed on mixed Canadian employment data, strong U.S. jobs report

TORONTO - The Canadian dollar closed little changed amid a weak employment report for May.

The loonie edged down 0.01 of a cent to 91.49 cents US as job creation figures for Canada came in above expectations, up 25,800 for the month. But Statistics Canada said the gains were due to part-time positions, and the unemployment rate edged up to seven per cent from 6.9 per cent as more Canadians went looking for work in May. The number of full time jobs fell by 29,000.

"Although today's number was much improved, it still leaves the six-month trend running an anaemic 3,000, suggesting some potential for catch up given expectations of an economic acceleration in Q2," said CIBC World Markets economist Nick Exarhos.

The employment news out of the United States was much better. The Labor Department said the American economy cranked out 217,000 jobs, roughly in line with expectations. That’s down from 282,000 in April, which was revised slightly lower. Despite the gains, the unemployment rate remained 6.3 per cent.

In other economic news, German industrial production edged up by a smaller-than-expected 0.2 per cent in April compared with the previous month, even as factory orders in Europe’s biggest economy strengthened. The figure was below economists’ expectations of a rise by 0.3 per cent or more.

Meanwhile, traders looked ahead to a raft of key Chinese data coming out next week including readings on inflation, trade and retail sales.

Ahead of those reports, The World Bank and the International Monetary Fund are urging China to focus on controlling risks from rapidly rising debt due to its reliance on credit-fuelled growth. The comments add to warnings by private sector analysts that China’s run-up in debt, especially since the 2008 global crisis, could lead to financial problems and disrupt economic growth that already is slowing.

Commodity markets were mixed in the wake of the jobs data with July crude in New York 18 cents higher to US$102.66 a barrel.

August bullion declined 80 cents to US$1,252.50 an ounce. July copper fell four cents to US$3.05 a pound.

The Canadian Press


Read more Business News

22719


Recent Trending




Today's Market
S&P TSX15535.55-19.71
S&P CDNX1005.583.38
DJIA17001.22-38.27
Nasdaq4538.551+6.446
S&P 5001988.40-3.97
CDN Dollar0.9137-0.0003
Gold1279.90+6.2001
Oil96.30+1.82
Lumber352.80-2.80
Natural Gas3.88-0.009

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.20-0.01
Cantex0.065-0.005
Anavex Life Sciences0.265+0.005
Metalex Ventures0.08+0.005
Russel Metals36.78-0.81
Copper Mountain Mining2.99+0.11
Colorado Resources0.17-0.015
ReliaBrand Inc0.115+0.02
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.26+0.045

 



22671

FEATURED Property
1984057253-2001 Highway 97 S
3 bedrooms 2 baths
$87,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...

_



22854

22854


Member of BC Press Council


22707