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Canada Employment Change Index
Canadian Employment Change is an important monthly statistic. The indicator reflects the number of new jobs that were announced in the non-farm private sector during the month, after subtracting the number of jobs that were eliminated. The statistic includes both complete and incomplete functions.
Employment change data in Canada is published monthly, and gives the numerical value of the number of jobs created or eliminated during the month. And if the number is positive, this means the creation of new jobs, and if it is negative, this means the destruction of jobs. The index is used as a measure of the strength of the Canadian labor market and the state of the economy. Where the increase in employment reflects economic growth and vice versa.
If the Employment Change Index in Canada is greater than expected, this means:
• An increase in the number of jobs created in the private sector, more than expected. Which indicates a higher demand for labor.
• Greater strength in the Canadian labor market. Which reflects an improvement in the Canadian economy and its growth.
Higher confidence of companies in the future, as they increase their employment in response to high demand.
• Expectations of an increase in economic activity due to the availability of labor. Hence better job opportunities.
• A positive sign on the Canadian economy. The unemployment rate and employment volume are important indicators of the strength of the economy.
• The possibility of the rise of the Canadian dollar against other currencies, as it reflects the strength of the economy and the improvement of its functions.
Impact of Canada Employment Change Index on Canadian Dollar Forex Trading?
The Canada Employment Change Index is among the most important economic indicators that influence the value of the Canadian dollar in the forex markets. whereas:
• The labor market and employment levels reflect the state of the Canadian economy. The more new jobs indicate economic growth and the strength of the currency.
• Investors and currency traders tend to buy the Canadian dollar when a positive indicator indicates an increase in the number of jobs in Canada.
• And vice versa, as they tend to sell the Canadian dollar when a negative indicator is issued that indicates the destruction of jobs, which leads to a decline in its value.
• The index allows investors to judge companies’ demand for labor in Canada, helping them assess the strength and weakness of the economy.
• The index is used in making decisions related to the Canadian dollar in the financial markets, as it is considered one of the most important indicators for determining the direction of the currency.
Therefore, it can be said that the employment change index in Canada is considered a vital and decisive indicator for determining the value of the Canadian dollar in the forex market.
The body responsible for issuing the Employment Change Index in Canada
The agency responsible for issuing the Employment Change Index in Canada is Employment and Social Development Canada of the Canadian government.
Where the Ministry of Labor undertakes the task of collecting data on the labor market, and then publishing it in the form of monthly official statistical indicators.
The Ministry collects employment change index data through:
• A monthly questionnaire sent by the Ministry to various companies and institutions in Canada.
• Official reports sent by companies on the numbers of new and dismissed employees.
• Data obtained from government employment offices.
Based on this data, the department calculates the change in job numbers and publishes the Employment Change Index for Canada to the public, the media and financial markets.
Therefore, the Canadian Ministry of Labor “Employment and Social Development Canada” is the official source and the body responsible for issuing this vital indicator.
When will the Canada Employment Change Index be released?
It is released monthly, about 8 days after the end of the month
Next release
Jun 7, 2024
