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.
