Canadian Unemployment Rate Slightly Drops to 7.2% - 6.7.2012

The Unemployment Rate in Canada edged down by 0.1 per cent to 7.2 per cent in June, while the economists were expecting the Unemployment Rate at 7.3 per cent for June. The Net Employment in Canada increased by 7,300 in June according to the Statistics of Canada, less improvement compared with the previous month, however an unexpectedly higher increase. The last data show that the Labor Market of Canada continues improvement that started in February 2012 after a rising unemployment in the last quarter of 2011. The Canadian dollar lost ground against the US dollar even though the report showed faster job creation than projected, this is explained to a worse than expected labor report for the U.S economy. However compared with the Euro the Loonie gained ground, the EURCAD fell from 1.2561 to almost a 2-year low at 1.2525.