Articles : Canada’s unemployment rate reaches record low, Statistics Canada

Employment increased last month by 40,000 or 0.2% which was driven by full-time work gains.

We saw growth in the services-producing sector by 81,000 or 0.5% in May, with increases spread out in multiple industries like accommodation and food services.

In the goods-producing sector, employment declined by 41,000 or 1.0% last month, which was mostly due to decline in manufacturing.

The unemployment rate declined 0.1% in May, which brought the unemployment rate to a record low of 5.1%.

The unemployment rate for those aged 25 to 54 was 4.3% last month, matching the all-time low in April 2022. The rate was little changed for both men and women in this age group for May.

The rate dropped 0.5% to 5.0% last month for men aged 55 and older, while women in this age group was little changed.

T unemployment rate was little changed for male youth between the ages of 15 to 24 and held steady for female youth, after increasing in April.

The adjusted unemployment rate (which includes those who wanted a job but didn’t look for one) fell 0.2% to 7.0% last month, which is the lowest on record since comparable data became available in 1976.

To view the full report by Statistics Canada click here.