17 thousand jobs lost in May; Stats Canada (Canadian Press image)

By The Canadian Press

Unemployment rate ticks higher in May for first time in nine months

Jun 9, 2023 | 6:53 AM

OTTAWA – Statistics Canada says the unemployment rate rose to 5.2 per cent in May, marking the first increase since August 2022.

The federal agency says overall employment was little changed last month as the economy lost a modest 17,000 jobs.

The job report comes two days after the Bank of Canada raised its key interest rate by a quarter of a percentage point, citing concerns about a string of hot economic data, including low unemployment.

The unemployment rate previously hovered at five per cent for five consecutive months.

Last month, there were fewer people working in business, building and other support services as well as professional, scientific and technical services, while employment rose in manufacturing, utilities and services such as maintenance.

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Alberta’s unemployment rate dipped 2 tenths of a per cent to 5.7 in May.

The rate for the Medicine Hat-Lethbridge region was also 5.7 per cent last month.

Meanwhile, wages continued to grow rapidly in May, rising by 5.1 per cent compared to a year ago.

(The Canadian Press)