Data released earlier today from the Canadian economy showed that employment rose by 18,000 jobs in June, following the addition of nearly 87,000 jobs in May. This exceeded expectations, which had predicted an increase of around 11,000 jobs. Meanwhile, the unemployment rate fell by 0.1 percentage points to 6.5%, while expectations were that it would remain unchanged from May’s reading.

Specifically, employment increased in several sectors and decreased in others. The accommodation and food services sector added approximately 15,000 jobs, while the manufacturing sector saw a decrease of 17,000 jobs.

Total hours worked in September rose by 3.3%, or $1.19, to $37.20 USD on an annualized basis, following a 3.0% increase in May.