Unemployment on a Record Decline in Canada
The unemployment rate in Canada fell to a new four-decade low this May.
Statistics Canada’s monthly Labour Force Survey showed that the unemployment rate dropped from 5.7 per cent to 5.4 per cent; beating the previous low of 5.6 per cent set late last 2018.
The part-time segment remained unchanged with all of the gains coming in full-time employment. Self-employment was responsible for all of May’s job growth. Notably the drop in unemployment was largely due to a surprise decline of nearly 50,000 in the size of the labour force. Nevertheless, the labour market has added more than 400,000 jobs in the past nine months, including 250,000 since the beginning of 2019.
Below are some note-worthy observations.
Insights by sector from May:
- Health care and social services up 20,400 jobs
- Professional, scientific and technical services up 17,200 jobs
- Manufacturing up 9,400 jobs
- Business and building-support services segment up 19,400 jobs
- Accommodations and restaurant employment up 12,400 jobs
Insights by province:
- Five out of 10 provinces posted job gains
- Ontario up 20,900 jobs
- British Columbia up 16,800 jobs
- Quebec up 11,600 jobs
- Newfoundland and Labrador up 2,700 jobs
- Alberta up 2,200 jobs
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