Skip to main content

The Globe and Mail

Loonie ends with solid gain after Canada’s jobs numbers impress

Canadian dollars.

Jeff McIntosh/The Canadian Press

The Canadian dollar gained nearly half a cent on Friday as the latest domestic jobs figures delivered a few positive surprises on the economy.

The loonie ended 0.48 of a cent higher at 91.07 cents (U.S.) after Statistics Canada said 43,000 net new jobs were added in March.

Most of the new jobs were part-time positions, and the vast majority of the new jobs went to young Canadians, the agency said.

Story continues below advertisement

Another soft spot in the report was that almost all the new jobs were in the public sector, while new private sector hiring was limited to 3,900.

The figure pushed the unemployment rate one-tenth of a point lower to 6.9 per cent.

"The strong bounce in March employment is encouraging, though it follows a 7,000 drop in February and leaves the average increase over the previous four months at a still modest 5,000," Royal Bank of Canada assistant chief economist Paul Ferley wrote in a note.

"Thus today's report does not alter our view that monetary policy is likely to remain highly accommodative to try and sustain more robust employment growth going forward."

Meanwhile in the United States, employers added 192,000 jobs in March, but the unemployment rate was unchanged at 6.7 per cent. The March jobs numbers were slightly below February's total of 197,000.

One of the brightest spots in the U.S. non-farms payroll report was a revision by the Labour Department of its January and February figures – adding 37,000 more jobs to the period than was originally estimated.

However, traders reacted to the uncertain outlook it offered for the U.S. economy. The gold price increased $18.90 to $1,303.50 an ounce for the June contract, while May copper was relatively unchanged at $3.02 a pound.

Story continues below advertisement

Oil continued to trade above $100 a barrel with May crude settling 85 cents higher at $101.14 a barrel.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.