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Canada's economy adds 27,000 jobs, yet unemployment hits 6.2% in May

Canada's economy adds 27,000 jobs, yet unemployment hits 6.2% in May

Posted on June 17, 2024   |  

Canada's unemployment rate in May climbed to 6.2%, indicating ongoing weakness in the job market.

Although 27,000 jobs were added last month, it wasn't enough to prevent a slight rise in unemployment.

The Canadian job market is softening due to the impact of high interest rates on both consumers and businesses.

The involuntary part-time rate, which reflects part-time workers unable to find full-time jobs due to weak business conditions, increased to 18.2% in May from 15.4% a year earlier.

Young people, particularly returning students aged 20 to 24, experienced a 2.9% decrease in employment compared to the previous year.

Despite job market challenges, wages remained strong in May, with average hourly wages rising by 5.1% year-over-year to $34.94.

Employment growth was observed in sectors like health care, finance, real estate, accommodation, and food services, while sectors such as construction and transportation saw declines.



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