Canada’s jobs report just crushed it

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Canada’s latest jobs report crushed it.

The Canadian labor market added 13,800 jobs in May, above expectations of 1,800.

The report noted that full-time employment surged by 61,000 last month, but this increase was offset by a decline of 47,000 in part-time work.

Employment increased for those aged 55 and older, but it dropped for people aged 15 to 24.

As for the unemployment rate, it unexpectedly fell to 6.9% – the lowest rate since July 2015.

Economists were expecting the unemployment rate to tick up to 7.2%.

The Canadian dollar strengthened by 0.4% at 1.2668 a US dollar right after the report.

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