Economy showing signs of slowing amid high interest rates ( Canadian Press image)

By The Canadian Press

Economy

Canada’s unemployment rate rises to 6.2% in May, economy adds 27,000 jobs

Jun 7, 2024 | 7:12 AM

OTTAWA – Statistics Canada says the unemployment rate ticked up to 6.2 per cent in May as the economy added a modest 27,000 jobs.

The unemployment rate was sitting at 6.1 per cent in April.

The agency’s labour force survey suggests the Canadian job market continues to weaken as high interest rates weigh on consumers and businesses.

The report says that of those who were unemployed in April, a smaller proportion found work the next month compared with the pre-pandemic average for those months.

Wage growth remained strong in May with average hourly wages up 5.1 per cent from a year ago, reaching $34.94.

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The data release comes two days after the Bank of Canada opted to lower interest rates for the first time in four years, citing signs of easing inflation and the weakening economy.

(The Canadian Press)