Canada’s Employment Rate Declines Modestly in May; Unemployment Rate Rises to 5.2%

Statistics Canada (StatCan) reported Friday (6-9-23) that overall employment in Canada was down slightly in May, declining by 17,000, or 0.1%. The report noted that employment growth has moderated in recent months, and monthly increases have averaged 33,000 from February to April. This follows strong employment growth totaling 326,000 from September 2022 to January 2023.

The number of employees held steady in both the private and public sector. However, there was a decline in the number of self-employed workers which fell 40,000, or 1.5%.

After five consecutive months—December 2022 through April 2023—holding steady at 5.0%, the unemployment rate increased 0.2% to a reading of 5.2% in May. This marks the first monthly increase since August 2022.