Jul 07, 2023
By Jeremy Logan
According to Statistics Canada, the unemployment rate ticked up to 5.4% in June.
That’s an increase from 5.2% in May and the highest it’s been in over a year.
This also marks the second month in a row the unemployment rate has risen.
The federal agency says the increase came as the economy added some 60,000 jobs in June, but with more people seeking work, the unemployment rate pushed higher.
Friday’s report indicates that job gains were concentrated in wholesale and retail trade, manufacturing, health care and social assistance and transportation and warehousing.
Meantime, year-over-year wage growth slowed significantly last month, falling to 4.2% compared with 5.1% in May.
The Bank of Canada will be paying close attention to the report as it prepares for its interest rate decision next week.