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Economic news
07.06.2024

Canada adds 26,700 new jobs in May; unemployment rate rises to 6.2%

Statistics Canada announced on Friday that the number of employed people increased by 26,700 m-o-m in May (or +0.1 per cent m-o-m) after an unrevised climb of 90,400 m-o-m in the previous month.

Economists had predicted a rise of 22,500 m-o-m.

Meanwhile, Canada's unemployment rate increased to 6.2 per cent in May from an unrevised 6.1 per cent in the previous month, in line with economists’ expectationsThis was the highest rate since January 2022 (6.5 per cent). 

According to the report, full-time employment fell by 35,600 (or -0.2 per cent m-o-m) in May, while part-time jobs surged by 62,400 (or +1.7 per cent m-o-m).

Over the month, the number of public sector employees dropped by 7,500 (or -0.2 per cent m-o-m), while the number of private sector employees grew by 17,600 (or +0.1 per cent m-o-m). At the same time, the number of self-employed jumped by 16,600 (or +0.6 per cent m-o-m).

Sector-wise, employment declined in the goods-producing industry (-20.700, or -0.5 per cent m-o-m) but rose in the services-producing business (+47,400, or +0.3 per cent m-o-m).

The average hourly wages soared 5.2 per cent y-o-y (or +CAD1.77) to CAD36.01 in May, sharply accelerating from a 4.8 per cent y-o-y gain in April.

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