Instant view: Canada adds over 90,000 jobs in April, topping estimates

TORONTO (Reuters) - Canada's economy gained a net 90,400 jobs in April, both in full-time and part-time work, and the jobless rate held at 6.1%, Statistics Canada data showed on Friday.

Employment in the goods producing sector fell by a net 10,400 jobs, largely in construction. The services sector was up by a net 100,700 positions, mostly in professional, scientific and technical services, as well as accommodation and food services.

Market reaction: CAD/

STORY:

Link: https://www150.statcan.gc.ca/n1/daily-quotidien/240510/dq240510a-eng.htm

COMMENTARY

KARL SCHAMOTTA, CHIEF MARKET STRATEGIST, CORPAY

"Clearly much stronger-than-expected on the headline level. The caveat is we have weaker-than-expected wage gains. So I would expect that the Bank of Canada is still likely to cut rates in June and reduce the level of restrictiveness coming from policy. However, the outlook that is provided at that time could be more optimistic and could point to more upside risks for the Canadian economy given that a number of economic data releases in recent weeks and months have pointed to upside in the economy."

(Reporting by Rod Nickel; Editing by Denny Thomas)