Data released by the Statistics Office in Canada on Friday revealed positive labor market data during the past April, where the Canadian economy added about 41.4 thousand jobs, which was higher than market expectations of about 21.6 thousand jobs only, while previous data showed that the Canadian economy added 34.7 thousand jobs in March.

It is worth clarifying that the change in employment measures the change in the number of jobholders during the past month. This data is important for the Canadian economy and is issued shortly after the end of the month and strongly affects the markets due to its importance and early issuance time.

For the same period, the reading of the unemployment rate in Canada was also positive, as the unemployment rate recorded 5.0% during last March, better than market expectations which indicated a recording of 5.1%, after the unemployment rate in Canada recorded the same percentage during last March.

The unemployment rate measures the percentage of unemployed people seeking jobs from the total labor force within Canada, and although the index data is collected cumulatively, the number of unemployed people serves as an indicator of the health of the Canadian economy because consumer spending is closely linked to labor market conditions, in addition to being an influential factor towards the monetary policy committee decisions of the Bank of Canada.