Canada’s Economy Adds 7,700 Jobs But Unemployment Rate Remains Unchanged

13 June 2012 06:00am - Florence Fullalove

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Canada’s Economy Adds 7,700 Jobs But Unemployment Rate Remains Unchanged

According to Statistics Canada, the country’s economy added slightly more jobs than economists had expected, adding 7,700 jobs last month. Higher US auto sales helped drive manufacturing job gains Canada’s manufactures have said. Economists had only expected about 5,000 new jobs after the 140,000 new jobs created in March and April saw a 30 year high for a two-month period. However, the unemployment rate remained unchanged at 7.3% and the majority of hiring in May was in part-time positions and in manufacturing, trade and agriculture and educational services. The small increase in these areas offset a decline in full-time employment in the private sector which is potentially a sign that Canadian businesses were cautious about adding jobs.

Data showed that there were 15,600 fewer employees last month than in April, and the private sector shed 22,500 workers. Deputy chief economist Doug Porter, at BMO Capital Markets said that, “After two months of massive/unbelievable job gains, some cooling is far from a shock. Perhaps the bigger story here is that Canada added to the totals despite the gathering uncertainty about the global economy.” This May jobs report was seen as an indication that the debt crisis and recessionary climate in Europe hadn't put Canadian employers off. Last week, the U.S. reported only 69,000 new jobs were created in May, the third straight disappointing performance.

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Related Links:
• Statistics Canada
Labour Force Survey, May 2012
• BMO Capital Markets
Official Website
• Latest News
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