Canada adds 22,300 jobs in May; change, adds

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Canada adds 22,300 jobs in May; pushes jobless rate down to 7.4%



OTTAWA — The Canadian economy gained more jobs than expected in May, pushing the unemployment rate down to 7.4 per cent from 7.6 per cent in the previous month.


Statistics Canada said Friday that 22,300 positions were added during the month. Economists had expected 20,000 jobs would be created in May, with no change in the unemployment rate.


"Employment increased in Quebec, Alberta and Saskatchewan in May. At the same time, employment declined in Newfoundland and Labrador, while there was little change in the remaining provinces," the federal agency said.


"Employment gains were in retail and wholesale trade as well as in information, culture and recreation, while there were declines in educational services and manufacturing."


Full-time employment rose by 32,900 positions in May, while there was a loss of 10,600 part-time jobs. The private sector gained 37,100 position last month, compared to a loss of 44,300 jobs in the public sector.


The number of self-employed workers rose by 29,500, while paid employment declined by 7,300.


BMO Capital Markets economist Robert Kavcic said the report showed a "solid result given the confluence of negative factors like a weak U.S. jobs report, poor weather across much of the country and a big drop in prior-month auto production resulting from supply-chain issues."

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Avery Shenfeld, chief economist at CIBC World Markets, said "one note of weakness was that all of the job gains were associated with self-employment, with paid employment showing a small decline."


The May figure is still well below the 58,000 additional jobs recorded in April.


The economy is expected to lose some steam in the second quarter of this year, which would have an impact on job seekers.


On Thursday, Statistics Canada reported a surprise trade deficit for April, another indication of a slowdown in the country's overall economic growth.


But Shenfeld said Friday's employment report is "still a comforting result given that it came on the heels of a huge prior month gain, and signs that the economy is decelerating in Q2."


BMO's Kavcic said the economy isn't expected to pick up again until the second half of the year. "This jives with our view that the Bank of Canada won't begin to hike rates again until September," he said.


Statistics Canada said Friday that 22,300 positions were added to the Canadian economy during the month of May

Catpiano

No worry .. People in Van ..  (Richmond) dont need job .. lol