Saturday, September 30, 2023

Canada’s Unemployment Rises To 5.2%

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Canada shed 17,000 jobs in May, pushing up for the first time in several months the unemployment rate to 5.2 percent, the national statistical agency said Friday.

The net job losses came as a surprise, after robust employment gains in recent months. Since last September about 400,000 new jobs had been created.

“After a long string of outsized gains in job growth, hiring apparently hit a rough patch in May,” said Desjardins analyst Royce Mendes.


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According to Statistics Canada, most of the job losses were full-time and self-employed.


There were fewer people employed in the month in business, building and other support services (-31,000), as well in professional, scientific and technical services (-13,000), the agency said.

Employment, however, increased in manufacturing (+13,000), “other services” (+11,000) and utilities (+4,200).

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Mendes commented that the total hours worked, which fell 0.4 percent in May, “looked ugly,” and that “the only decent reading for workers came in the wage numbers, which are still running at an above-five percent annual pace.”

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Photo Credit: Getty 

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