Canada added more jobs than expected, with the unemployment rate dropping slightly to 6.9%.

In October, Canada added 66,600 new jobs, achieving higher-than-expected growth for the second consecutive month, despite tariffs that were expected to slow economic activity. The labor force survey released by Statistics Canada on Friday showed that the increase in employment decreased the unemployment rate to 6.9%. Economists surveyed by Bloomberg had previously predicted that the unemployment rate would remain at 7.1% and that employment would decrease slightly by about 5,000 people. Canada's labor market also exceeded expectations in September, adding 60,400 new jobs. The data from the past two months partially reversed the employment weakness caused by the US trade war earlier this year. Since January, Canada has added a net of 164,500 new jobs. After the data was released, the Canadian dollar jumped to a daily high against the US dollar, rising approximately 0.3% to 1.4070 at 8:35 am in Ottawa. Canadian government bonds all fell, with the 2-year yield rising by about 4 basis points to 2.43%.