Stock Groups

Canada adds more jobs than expected in May, jobless rate hits record low -Breaking


© Reuters. FILE PHOTO – A worker at a construction site passes by a cable roll in Toronto (Ontario, Canada) October 8, 2021. REUTERS/Chris Helgren

OTTAWA, (Reuters) – The Canadian economy created more jobs in May than anticipated, with gains made entirely by full-time workers. However, the 5.1% unemployment rate was a new record, Statistics Canada data revealed on Friday.

Analysts had expected a net increase in employment of 39,000 jobs in May, but the actual number was only 39,800. The jobless rate, however, beat expectations and rose to 5.2%.

Statscan stated that the employment growth was due to gains in full time work for young women and core-aged females. The increase also occurred across a variety of industries.

Average hourly earnings for permanent workers increased by 4.5% in May, an increase of 3.4% in April.

Full-time employment saw a definite increase of 135,400 jobs, which was more than the loss of 95.800 part-time positions. Services saw large gains led by accommodations and food services. However, the goods sector suffered losses almost entirely in manufacturing.

Canadian Dollar traded at 0.5% below the greenback (1.2759), or 78.38 U.S.cents.