Canada’s Labour Market Sheds 17K Jobs in May

Canada’s labour market lost 17,000 jobs in May, bringing the unemployment rate to 5.2%— marking the first increase since August 2022.

After sitting stagnant at a historically-low level of 5% for five straight months starting in December 2022, the unemployment rate finally ticked higher by 0.2 percentage points to 5.2% last month. The majority of lost jobs were concentrated across the services-producing sector, namely the business, building and other support services subsector, where employment levels fell by 40,000. Meanwhile, the goods-producing sector gained 23,000 jobs in May thanks to a large boost in the manufacturing.

Ontario saw notable declines in its labour market, losing about 24,000 jobs, followed by Nova Scotia and Newfoundland and Labrador. All the remaining provinces saw little change, while Manitoba noted a gain of 8,200 positions.

Total hours worked dropped 0.4% in May, but were still up 2.2% from one year ago. Average hourly wages ticked upwards 5.1% over the past 12 months to $33.25.

Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Fed Unlikely to Make Emergency Rate Cut Despite Market Pressure

An unexpected weakness in the labor market, coupled with coupled with a sharp decline in...

Tuesday, August 6, 2024, 02:19:00 PM

EU Inflation Soars to Record-High Thanks to Skyrocketing Food and Energy Costs

It appears European consumers’ wallets won’t be getting a break anytime soon. Prices across the...

Wednesday, October 19, 2022, 01:42:46 PM

More Pain Coming: Fed Isn’t Going to Cut Rates Until 2024

As widely expected, the Fed hiked rates half a percentage point on Wednesday, bringing the...

Wednesday, December 14, 2022, 04:31:11 PM

Kyle Bass: Actual Inflation Is Likely At 12%

With consumers’ wallets increasingly becoming drained amid skyrocketing price pressures and the Fed’s wide-open monetary...

Wednesday, June 16, 2021, 11:40:00 AM

Germany Inflation Soars to 70 Year-High Thanks to Surging Energy, Food Prices

Germany, ranked one of the richest countries in the world, is facing a dire problem:...

Thursday, October 13, 2022, 01:19:29 PM