Arisnel Mesidor, M.A., RCIC
Canada's unemployment rate has reached a record low
On June 10, 2022, Statistics Canada published a new Labour Force Survey. According to the survey, the labour force increased by 39,800 jobs in May, with most of the growth coming from full-time employment.
Last month, over 135,000 people found full-time employment. Women employees in all age groups were responsible for the majority of the gains. Employment continued growing in May, despite a number of recent signals suggesting stronger demand and restricted supply.
In May, total employment rose by 40,000 (+0.2%), with full-time work seeing particularly strong growth of 135,000 new hires (+0.9%), while part-time employment fell by 96,000 (-2.6%).
Employment rose in Newfoundland and Labrador, Prince Edward Island, and Alberta. New Brunswick's employment fell, and the rest of the provinces were little changed. The total number of hours worked in May was little changed when compared with a year ago.
Compared to April, hourly wages grew 3.9% (+$1.18 to $31.12) on a year-over-year basis. The number of women aged 55 to 64 employed was little changed in May after increasing in February (+21,000; +1.4%). For women 55 and older, the total number of jobs increased by 18,000 (+1.0%) in May.