Canada: Economy loses 7,500 jobs in May

According to Statistics Canada, the Canadian economy lost roughly 7,500 jobs in May, the number significantly weaker than economists’ prediction of growth of 22,000 jobs. Full-time employment fell by 31,000; however, this was partially offset by an increase of around 23,600 part-time jobs in the month.

Despite the small drop in overall employment, the unemployment rate nationally remained steady at 5.8 per cent for the fourth consecutive month.

When broken down further, Statistics Canada data highlights that employment fell by approximately 19,000 jobs for Canadians between the ages of 25-54. For men in this age bracket unemployment remained at 5 per cent, with unemployment among women aged 25-34 rising by 0.2 per cent to 4.9 per cent.

Meanwhile, wage growth for permanent employees was strong during the month, with a rise of 3.9 percent year-on-year. This figure represents the fastest growth in wages since July 2012, showing that the labour market is operating at close to full capacity.

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