Canadian Employment Increases, While Unemployment Sets New Record Low in May 2022

Statistics Canada (StatsCan) reported today (6-10-22) that employment rose by 40,000 (+0.2%) in May, after pausing in April. Since May 2021, when the labor market was impacted by the third wave of the COVID-19 pandemic, total employment has increased by 1.1 million (+5.7%). And as of May 2022, employment was 497,000 (+2.6%) above its pre-COVID February 2020 level.

The unemployment rate edged down -0.1 percentage points to 5.1% in May, marking three consecutive months in which this key labor market indicator has reached a new record low. However, there were 208,000 people who have been searching for work or on temporary lay-off for 27 weeks or more in May, little changed for the third consecutive month. While many leading labor market indicators have recovered to pre-pandemic levels, long-term unemployment has remained elevated and accounted for 19.7% of all unemployment in May, up from 15.6% in February 2020.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.