The Canadian Press - ONLINE EDITION

Loonie tumbles, economy sheds 29,000 jobs in April, jobless rate steady at 6.9%

  • Print

TORONTO - The Canadian dollar closed sharply lower Friday as jobs data for April showed a big decrease in employment.

The loonie fell 0.62 of a cent to 91.78 cents US as Statistics Canada reported that the economy lost a net 28,900 jobs last month against expectations of a gain of about 12,000. It was also a huge turnaround from March, when the economy cranked out 43,000 jobs, which means just 14,000 jobs were added over the two-month period.

The unemployment rate held steady at 6.9 per cent.

The participation rate was a bit lower than expected, coming in at 66.1 per cent versus the 66.3 per cent rate that economists had forecast.

The Canadian dollar had charged ahead almost two-thirds of a US cent Thursday to a four-month high in the wake of a positive reading on housing starts.

Markets had also been encouraged by China’s April trade data that showed an improvement in exports. Exports rose 0.9 per cent from the previous year, compared with a 6.6 per cent decline in March. Imports also grew after a contraction in March but at a subdued level.

On the commodity markets, July copper was up two cents to US$3.08 a pound amid positive inflation news from China.

Consumer prices in the world’s second-largest economy rose 1.8 per cent over a year earlier, down from March’s 2.4 per cent increase, giving the government more leeway if needed to stimulate the slowing economy.

Oil prices gave up early gains and June crude declined 27 cents to US$99.99 a barrel.

June gold bullion faded a dime to US$1,287.60 an ounce.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Tree remover has special connection to Grandma Elm

View more like this

Photo Store Gallery

  • A black swallowtail butterfly land on Lantana flowers Sunday morning at the Assiniboine Park English Gardens- standup photo – August 14, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • July 1, 2012 - 120701  -   Canada Day fireworks at The Forks from the Norwood Bridge Sunday, July 1, 2012.    John Woods / Winnipeg Free Press

View More Gallery Photos

Poll

Should Winnipeg control growth to deal with climate change?

View Results

Ads by Google