BREAKING: Statistics Canada says the unemployment rate rose to 5.4 per cent in June, reaching the highest level in over a year.
The country added 60,000 jobs in June, driven by gains in full-time work, while the unemployment rate rose to 5.4 per cent, the highest since Feb. 2022, Statistics Canada reported Friday in Ottawa. The figures beat expectations for a gain of 20,000 positions, but missed the forecast for a jobless rate of 5.2 per cent, according to the median estimate in a Bloomberg survey.
The unemployment rate rose 0.2 percentage points, following a similar increase in May, as growth in the population and labour force outpaced employment and as more youth were looking for work. A string of firm economic data since Bank of Canada Governor Tiff Macklem and his officials declared a pause in January prompted them to raise borrowing costs to 4.75 per cent last month. Before May’s setback, the country had the longest run of job creation since 2017 during which 423,900 positions were created, with the economy still in excess demand amid persistent underlying price pressures.
In June, total hours worked rose 0.1 per cent on a monthly basis and were up 2 per cent compared to a year earlier. That points to relatively firm economic momentum at the end of the second quarter, where output is already on track to expand at a 1.4 per cent annualized rate.
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