Jun 09, 2023
By Jane Brown
There was word from Statistics Canada on Friday the country’s unemployment rate rose to 5.2 percent in May, marking the first increase since August of last year.
The report from the federal agency says overall employment was little changed last month, from 5 percent in April, as the economy lost a modest 17,000 jobs.
The jobs report comes two days after the Bank of Canada raised its key interest rate by a quarter of a percentage point to 4.75 percent, citing concerns about a string of hot economic data, including low unemployment.
Meantime, wages continued to grow rapidly in May, rising by 5.1 percent compared with a year ago.