Canada: Unemployment rate drops to 5.7% in April vs 5.8% expected

Statistics Canada today reported that the unemployment rate in Canada ticked down to 5.7% in April from 5.8% in March and came in slightly better than the market expectation of 5.8%. 

"Employment rose by 107,000 in April, with notable gains in part-time work for youth," StatsCan said in its press release. "On a year-over-year basis, employment grew by 426,000 (+2.3%), with gains in both full-time (+248,000) and part-time (+179,000) work. Over the same period, total hours worked were up 1.3%."

The upbeat data helped the loonie gather strength and the USD/CAD was last down 0.45% on a daily basis at 1.3415.