As the U.S. posted strong employment gains in April, numbers from Canada shocked economists as the region reported job losses during the month.
According to Reuters, the country lost 28,900 jobs – a large difference from the expected 12,000 gain predicted by experts. The numbers come from Statistics Canada's April employment report, which showed that employment was weak among most industries following the winter months. Food services, finance, insurance and real estate posted the largest losses, but economists remain positive for the region's future, despite the low numbers. Sal Guatieri, a senior economist at BMO Capital Markets, told the source that while the numbers were weak for the first quarter, job growth may pick up during the second.
Employment in the U.S., however, has remained steady throughout the month of May. Numbers released from the U.S. Bureau of Labor Statistics' April Employment Situation Report showed that the U.S. economy strengthened significantly in the spring months, and the Daily Forex Fundamentals reported that these figures will only grow stronger in May. According to the source, manufacturing has posted particularly positive gains, with the Empire State Manufacturing Index climbing to 19.0, an indication that employment numbers have drastically increased.