Canadian Employment dips in June. US UMichigan consumer confidence survey edges up. | CountingPips Forex & Currency Trading Blog

July 11, 2008 - Forex Economic News

Canadian Employment dips in June. US UMichigan consumer confidence survey edges up.

Economic employment news out of Canada was released today by Statistics Canada. Canadian employment decreased by an estimated 5,000 workers in the month of June after showing an increase of 8,400 in May. The employment numbers for June upped the Canadian unemployment rate by 0.1 percent to 6.2 percent. Canadian employment has gained 290,000 jobs and is up 1.7 percent overall since June 2007. The biggest contributor to the employment numbers for June was the professional, scientific and technical services sector which gained 37,000 jobs in the month. The largest job decreases in June were from the business, building and other support services sector which showed a decline of 17,800 jobs.

UMichigan/Reuters Consumer Sentiment Survey.

The preliminary consumer sentiment survey by the University of Michigan and Reuters edged up a bit in July off a historical low in June. The consumer sentiment survey increased to a 56.6 score in July after a score of 56.4 in June that had marked a 28 year low. Market forecasts had predicted the preliminary survey would come in at a 55.8 score.

The expectations index, which measures future economic sentiment, declined from 49.2 in June to 48.3 in July. The current conditions index, which measures current economic sentiment, increased from 67.6 in June to 69.5 in July. The 1-year inflation expectation gained a bit from 5.1 in June to 5.3 in July while the 5-year inflation reading stayed unchanged at 3.4 for the third month in a row. The finalized version of the survey will be released on July 25th.

Tags: employment, canada, us economy, consumer confidence

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