CAD Employment Unexpectedly Added 52.1K Jobs, Unemployment Rate at 7.4% - 5.10.2012

Canadian economy gained surprisingly 52,100 jobs in September up from 34,300 jobs creation in August, however the Unemployment rate rose to 7.4 per cent in September compared to 7.3 per cent in August according to the Statistics of Canada. Economists were expecting the Unemployment to remain at 7.3 per cent like in August and the employment to increase slightly by 10,000, even so the reading on Employment Change in July surprisingly differentiated from estimates. Additionally, the increase of the Unemployment Rate of 0.1 per cent was due to more people participating in the labor market in September as the Statistics of Canada reported. The greenback lost sharply against the Canadian dollar immediately after the release of jobs data for both countries, the currency pair fell from 0.9808 to 0.9740 or declined by 0.69 per cent.