Canadian Employment Rises 35.9K in April, Jobless Rate Holds Steady at Seven-Year Hig

Canada unexpectedly added 35.9K jobs in April amid forecasts for a 50K drop in employment, while the jobless rate held steady at the seven-year high of 8.0%. The report by Statistics Canada showed self-employment surged 37K during the month, and the breakdown of the release showed full-time positions increased 39.4K from March, while part-time opportunities slipped 3.6K in April. The data suggests that economic conditions are beginning to stabilize as the Bank of Canada takes unprecedented steps to shore up the world’s eighth largest economy however, as the region faces its first recession since 1992, the fundamental outlook remains bleak as the U.S., Canada’s biggest trading partner, faces its worst downturn in over half a century.