Canada: Unemployment Rate declines to 5.2% in September vs. 5.4% expected

Unemployment Rate in Canada declined unexpectedly in September.
USD/CAD continues to trade in daily range above 1.3700.

Eren Sengezer FXStreet

The Unemployment Rate in Canada declined to 5.2% in September from 5.4% in August with the Net Change in Employment coming in at 21.1K, slightly better than the market expectation of 20K, the data published by Statistics Canada showed.

"Year-over-year wage growth remained above 5% for a fourth consecutive month, with the average hourly wages of employees rising 5.2% (+$1.57 to $31.67) compared with September 2021 (not seasonally adjusted)," the publication further read.

Market reaction

The Canadian dollar managed to stay resilient against the greenback, which has started to gather strength on the upbeat Nonfarm Payrolls report. As of writing, USD/CAD was flat on the day at 1.3745.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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