Canada’s unemployment rate increased to 5.4% in June despite continued hiring by employers, as reported by Statistics Canada.
The agency announced that Canada added 60,000 jobs, including 110,000 full-time positions, last month, the largest employment increase since January.
However, the unemployment rate rose due to an increase in the number of individuals actively seeking employment.
With the current unemployment rate of 5.4%, Canada is now facing the highest level of unemployment since February 2022.
In May, the unemployment rate rose for the first time in nine months, reaching 5.2%.
The June jobs report is the final significant economic data release prior to the Bank of Canada’s interest rate decision on Wednesday.
The Bank of Canada is anticipating further softening in the labor market as it remains focused on reducing inflation.
More to come.
— with files from The Canadian Press
© 2023 Global News, a division of Corus Entertainment Inc.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
