Statistics Canada announced that the Canadian economy lost 17,000 jobs in May, compared to the addition of 41,000 jobs in April, while expectations were to add about 20,000 jobs.

On the other hand, the unemployment rate rose to 5.2% from 5%, the first increase since August 2022, while expectations were for it to rise to 5.1%, while the total working hours decreased by 0.4%, but increased by 2.2% on an annual basis. yearly basis in May.

The largest job losses in May came from Ontario with -24 thousand jobs, Nova Scotia -5,200 thousand, Newfoundland and Labrador -4,200 thousand, while the sectors were divided into commercial and construction -31 thousand jobs, and professional, scientific and technical services -13 thousand, while the manufacturing sector added about 13 thousand jobs and 4200 utilities. one thousand .