Canada adds more jobs than expected in May, jobless rate hits record low
2022.06.10 16:21
FILE PHOTO: A construction worker passes a condominium site with a roll of cable in Toronto, Ontario, Canada October 8, 2021. REUTERS/Chris Helgren
OTTAWA (Reuters) – The Canadian economy added more jobs than expected in May with the gains entirely in full-time work, while the unemployment rate hit a record low at 5.1%, Statistics Canada data showed on Friday.
The net jobs gain of 39,800 in May came in better than analysts’ average expectation of an increase of 30,000 jobs, while the jobless rate beat predictions that it would remain flat at 5.2%.
“The employment increase was driven by gains in full-time work among young and core-aged women,” Statscan said, adding the increase was spread across several industries.
The average hourly wages of permanent employees rose 4.5% in May, accelerating from 3.4% in April.
Job gains were wholly in full-time work, up 135,400, fully offsetting a loss of 95,800 part-time job losses. The services sector saw broad gains, led by accommodation and food services, while the goods sector lost jobs, almost all in manufacturing.
The Canadian dollar was trading 0.5% lower at 1.2759 to the greenback, or 78.38 U.S. cents.
