Canada adds 58,200 jobs in April, unemployment hits 7.3%

TORONTO. May 11. KAZINFORM Canadian employment rose almost six times faster than economists forecast in April, led by private- sector and full-time positions, creating the largest two-month increase in more than 30 years and leading investors to raise bets on higher interest rates.

Employment rose by 58,200 following a March jump of 82,300 that was the biggest since September 2008, Statistics Canada said today in Ottawa. The labor force grew by 72,500, lifting the jobless rate to 7.3 percent from 7.2 percent. Economists surveyed by Bloomberg News projected a 10,000 gain in jobs and 7.3 percent unemployment, according to the median forecasts.

10 nations, according to Toronto-Dominion Bank. (TD) The Bank of Canada said last month higher interest rates may be needed because of faster-than-expected growth, while a report yesterday showed a fifth straight trade surplus .

"It's the strongest vote of confidence you can get," said John Clinkard , economist at Deutsche Bank AG in Toronto, in a telephone interview. Companies are "catching up" after delaying hiring earlier in the recovery, he said.

Canada's dollar appreciated 0.6 percent to 99.63 cents per U.S. dollar at 10:08 a.m. in Toronto. Earlier it weakened as much as 0.3 percent. Bonds fell, with the yield on the 2-year government benchmark rising nine basis points to 1.33 percent, Kazinform quotes Bloomberg.com

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