The unemployment rate in Canada has dropped to its lowest level since tracking of data began in 1976.

(Bloomberg)

Statistics Canada reports the economy added another 27,700 jobs in May, on top of the record 106,500 created the month before, dropping the rate to 5.4-percent.

The latest numbers mean the economy’s added 453,000 jobs in the last 12 month — the best such stretch since 2003.

Most of the jobs were added in Ontario, B.C., Nova Scotia and New Brunswick.

While the decline in the jobless rate sounds impressive, economists such as TD Bank’s Brian DePratto point out, on the whole, the report was not all that strong, given that most new jobs were in self-employment.

”Meh.  Looking past the new record low in the unemployment rate, this report was a bit on the soft side,” said DePratto, who added the only real bright spot was wages.

Year-over-year average hourly wage growth, a key indicator monitored by the Bank of Canada ahead of interest rate decisions, rose to 2.8% in May from 2.5% in April.