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- Canada sheds 68,000 new jobs in May; unemployment rate rises to 8.2 percent
Canada sheds 68,000 new jobs in May; unemployment rate rises to 8.2 percent
Statistics Canada reported on Friday that the number of employed people decreased by 68,000 m-o-m in May (or -0.4 percent m-o-m) after an unrevised decline of 207,100 m-o-m in the previous month. Economists had forecast a drop of 20,000 m-o-m.
Meanwhile,
Canada's unemployment rate rose to 8.2 percent in May from 8.1 percent in April,
matching economists’ forecast for 8.2 percent. This was the highest rate since
February.
According
to the report, full-time employment decreased 13,800 (or -0.1 percent m-o-m) in
May, while part-time jobs declined by 54,200 (or -1.6 percent m-o-m).
In May,
the number of public sector employees fell by 10,100 (or -0.3 percent m-o-m), and
the number of private sector employees dropped by 60,400 (or -0.5 percent
m-o-m). Meanwhile, the number of self-employed rose 2,600 (or +0.1 percent
m-o-m) last month.
Sector-wise,
employment decreased both in goods-producing (-1.2 percent m-o-m) and
service-producing (-0.1 percent m-o-m) businesses.
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