News Story

Canada Sheds 7,500 Jobs in May

- The Canadian economy added shed 7,500 jobs in May, data from Statistics Canada showed on Friday.

Economists had forecast a gain of 17,500 jobs.

The unemployment rate held steady as expected at 5.8%.

With regard to the quality of the employment, Canada destroyed 31,000 full time jobs, while it created 23,600 part time jobs in May.

That was compared to April’s creation of 28,800 full time jobs and the destruction of 30,000 part time positions.

Finally, the participation rate dropped to 65.3% in May, from the prior 65.4%. Analysts had expected no change.

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