2023-06-10 08:31:41
Young people in particular suffered from the drop in employment in May, with the loss of 77,000 jobs among workers aged 15 to 24. A decline, however, offset by the creation of 63,000 jobs among their elders aged 25 to 54.
These job losses have boosted the country’s youth unemployment rate by 1.1 percentage points, which stood at 10.7% last May.
Despite soaring inflation and the Bank of Canada’s nine key rate hikes since 2022 in an attempt to slow the overheating economy, this is the first time the unemployment rate has risen in Canada since August 2022.
The declines recorded in May mainly affected business services, building support services and professional, scientific and technical services.
Manufacturing and utility jobs increased over the period.
In Quebec, employment remained stable in May, even registering a slight drop in the unemployment rate in the province, which went from 4.1% in April to 4% in May. 19,000 jobs have been created in the Montreal region in particular. Employment also rose in Manitoba, where there were 8,200 more jobs last month.
It was mainly Ontario, Nova Scotia and Newfoundland and Labrador that suffered the most marked employment declines in May. The other provinces saw little change, says Statistics Canada.
In Ontario, there were 24,000 fewer jobs in May compared to April and an increase of 0.6 points in the unemployment rate, which stood at 5.5%.
Nova Scotia lost 5,200 jobs during the period. However,0,6percentage point to settle at5,7%”,”text”:”As the number of Nova Scotians in the labor market fell, the province’s unemployment rate fell 0.6 percentage points to 5.7%”}}” >as the number of Nova Scotians in the labor force fell, the province’s unemployment rate fell 0.6 percentage points to 5.7%nuance Statistics Canada.
In Newfoundland and Labrador, employment ended May with a negative balance of 4,200 jobs.
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