Canadian economy unexpectedly adds 289,600 jobs in May

Business

OTTAWA, Ontario (AP) — Statistics Canada reported Friday the Canadian economy added 289,600 jobs in May, with businesses reopening amid easing public health restrictions.

The unemployment rate rose to a record high of 13.7%, topping the previous high of 13.1% set in December 1982 in more than four decades of comparable data. The increase in the unemployment rate came as more people started looking for work.

Some economists had predicted a loss of 500,000 jobs in May and an unemployment rate of 15.0 %, according to financial markets data firm Refinitiv.

The increase in the number of jobs comes after three million jobs were lost over March and April, and about 2.5 million more workers had their hours slashed.

Statistics Canada said the number of people who worked less than half their usual hours fell by 292,000 in May.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don't Miss

Trending Stories

Report It

Latest News

More Local News