Canada’s Unemployment Rate Improved in May

Canada’s unemployment rate fell to the lowest since July in May, led by an increase in full-time positions.

Businesses added 13,800 jobs in May, more than 1,800 jobs forecast by median estimate in a survey of economists. The unemployment rate dropped 0.2 percent from 7.1 percent to 6.9 percent last month, the Statistics Canada showed.

According to the report, the 61,000 full time jobs created in May were aided by a 47,000 declined in part-time jobs.

Year-on-year employment increased by 0.6 percent, while the number of hours worked grew by 0.8 percent over the same period.

In May, employment increased for people aged 55 and older, and dropped for youths aged 15 to 24. Provincially, employment rose in Quebec, Ontario, Manitoba and Prince Edward Island, while it decreased in Alberta and Nova Scotia.

The number of public sector employees also increased in May, while the private sector and self-employed recorded little change.

Adjusted to US concepts, the unemployment rate in Canada was 5.9% in May, compared with 4.7% in the United States.