Representative image of Unemployment. Image credit: Wikimedia Commons
Ottawa/CMEDIA: Canada’s unemployment rate hike to 5.2 percent in May, marked the first increase since August 2022 due to loss of 17,000 jobs, Statistics Canada says
For five consecutive months, the unemployment rate had been at five per cent.
The job report follows the Bank of Canada’s raising key interest rate by a quarter of a percentage point, citing concerns of hot economic data, including low unemployment.
Last month had seen employment rise in manufacturing, utilities and services such as maintenance with fewer people working in business, building and other support services, professional, scientific and technical services.
Employment among youth was also down, suggesting a slow start to the summer hiring season.
On the other hand, May wages rose by 5.1 percent compared to a year ago.
The central bank reportedly said that the fast wage growth in the four to five percent range is incompatible with a two percent inflation target.