Canada’s jobs market ‘treading water’ as unemployment rate rises to 7% in May [Video]

Job growth has been virtually non-existent in the country since the start of the year, Statistics Canada said Friday.

Canada’s jobless rate rose a tenth of a point to seven per cent in May amid a gain of 8,800 jobs in the month, the agency said in its latest labour force survey.

That’s up from 6.6 per cent at the start of the year and marks the highest unemployment rate since 2016 outside the pandemic years, StatCan said.

TD senior economist Leslie Preston said in a note to clients that the Canadian labour market was “basically treading water” in May.

A gain of 58,000 full-time positions was offset by a loss of 49,000 part-time roles in May.

The wholesale and retail trade sector, which faced losses in April and March, rebounded to lead growth with 43,000 jobs added last month. Information, culture and recreation also saw gains in May.

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