Canada’s unemployment rate ticked up to 5.2% in May
Canada unexpectedly shed jobs in May and the unemployment rate rose for the first time in nine months, data showed on Friday, a first sign of job-market softness after the central bank hiked rates this week, in part because of the tight labour market.
Analysts surveyed by Reuters had forecast a net gain of 23,200 jobs and for the unemployment rate to edge up to 5.1 per cent in May after staying at 5.0 per cent since December. “Some cracks appeared within the Canadian labour market in May, but these may not yet be wide enough to convince the Bank of Canada that inflation is about to meaningfully cool off,” said Andrew Grantham, senior economist, CIBC Capital Markets.
The average hourly wage for permanent employees – a figure the Bank of Canada watches closely – rose 5.1 per cent from May 2022, a notch lower than April’s 5.2 per cent year-over-year increase.
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