In April, employment figures saw a rise as the number of jobs increased by 90,000, while the unemployment rate stabilized at 6.1%. He also noted the overall employment rate stabilizing at 61.4% after six consecutive months of decline.
As for other details, the employment rate among men in the core age group (25 to 54 years) increased by 41,000 jobs (+0.6%), among women by 27,000 jobs (+0.4%), and among young males aged 15-24 by 39,000 jobs (+2.8%). In contrast, working women aged 55 years and older saw a decrease of 16,000 jobs (-0.8%), while employment did not change significantly among men aged 55 and over and young women (aged 15-24). The increase in employment in April was mainly due to an increase in part-time employment by 50,000 jobs (+1.4%).
In terms of sectors, vocational, scientific and technical services increased by 26,000 jobs (+1.3%), accommodation and food services increased by 24,000 jobs (+2.2%), health care and social assistance increased by 17,000 jobs (+0.6%), natural resources increased by 17,000 jobs (+0.6%), while utilities saw a decrease of 5,000 jobs (-3.1).%).
In terms of geographical distribution of employment, Ontario saw an increase of 25,000 jobs (+0.3%), British Columbia increased by 23,000 jobs (+0.8%), Quebec increased by 19,000 jobs (+0.4%), and New Brunswick increased by 7,800 jobs (+2.0%) in April. There was no significant change in other provinces. Total working hours increased by 0.8% in April and increased by 1.2% compared to the same period of the previous year.
We should note that more than one in four workers (28.4%) have to come to work or call the work apparatus several times a month in a short time.
April Employment Analysis: Private and Public Sector Rise Between Genders and Age Groups
Private sector employment increased in April (+50,000; +0.4%) after four consecutive months of slight change. There were also more public sector workers (+26,000; +0.6%). On an annualized basis, public sector employment increased by 208,000 in April (+4.9%), outpacing growth in the private sector (+190,000; +1.4%).
Freelancing did not change much in April, either on a monthly or year-on-year basis. Employment rates are high among men and women at an early age as well as among young males.
Employment rates among men rose at an early age in April (+41,000; +0.6%), the third consecutive monthly increase. Gains in April were driven by full-time work (+45,000; +0.7%). The employment rate for men of the same age was 87.3 percent in April, little changed during the month but down 0.5 percentage points year-on-year.
Among women of the same age, employment increased by 27,000 (+0.4%) in April, driven by part-time work (+22,000; +2.2%). Despite the increase in part-time employment per month, more women of full-time working age compared to 12 months previously (+148,000; +2.8%), while the number of part-time workers has changed slightly. The employment rate for middle-aged women was 81.4 percent, almost unchanged in April, but down 0.4 percentage points year-on-year.
The employment rate among 15-24-year-olds increased by 40,000 (+1.5%) in April, reflecting an increase among youth (+39,000; +2.8%). This was the first monthly increase in youth employment since December 2022. The youth employment rate in April (55.5%) increased by 0.5 percentage points from March, but decreased by 3.7 percentage points compared to the same month in 2023. On an annual basis, the employment rate fell 4.9 percentage points to 55.2% for young women in April 2024 and fell 2.7 percentage points to 55.7% for young men.
The impact of employment data on the Canadian dollar and the euro in Forex trading
The Canadian dollar fell at the start of the US session after much stronger-than-expected jobs data that beat previous market expectations, with the pound rising slightly thanks to strong UK GDP data. At the same time, the dollar is also gaining slight strength against other currencies, but the next step will depend on market reactions to consumer sentiment at the University of Michigan and inflation expectations.
Technically, the immediate focus is on whether the USDCAD pair has critically breached the 55 D moving average (now at 1.3641).
Canada’s employment up 90.4K in April, unemployment rate unchanged at 6.1% Canada’s employment grew strongly by 90.4K in April, well above expectations of 17.5K.
The unemployment rate was unchanged at 6.1%, below expectations of 6.2%. The employment rate was unchanged at 61.4%. Total working hours increased by 0.8%. Average hourly earnings rose 4.7% year-on-year, slowing from 5.1% year-on-year in March.
Overall employment data is expected to weigh less on Bank of Canada’s interest rate outlook as strong job additions offset slower wage growth.
Meanwhile, the attractiveness of the Canadian dollar remains strong due to the sharp recovery in oil prices. West Texas Intermediate (WTI), futures on the NYMEX exchange, continued its winning streak for the third trading session on Friday amid strong speculation that the Federal Reserve will focus on normalizing policy from the September meeting. It is worth noting that Canada is the main exporter of oil to the United States, and rising oil prices are supporting the Canadian dollar.
