The economy of Canada added over 27,000 jobs in May, moving the jobless rate down to 5.4% to its lowest level since 1976.
The jobless rate dropped three ticks mainly because there were almost 50,000 fewer people looking for work, reported Statistics Canada.
Job gain in May comes after 106,500 added in April, the best month for jobs on record.
The May number means that, the economy of Canada in the past 12 months has added 453,000 jobs – a hike of 2.4% and the best 12-month stretch since 2003.
Most of the jobs were added in British Columbia, New Brunswick, Ontario, and Nova Scotia. Meanwhile, in Labrador, Newfoundland and Prince Edward Island the job market decreased.
Employment grew by 32,000 among 20-24 year old students in May as compared to the same month last year, calculated Statistics Canada.
Moreover, young workers among 17-19 years old saw a spike of 35000 new jobs as compared to 2017.
All of the new jobs nearly came in the form of self-employment. During the month, some 62,000 individuals identified as self-employed got jobs but were offset by a loss of 33,800 employees.
The Canadian economy added 299,000 full-time jobs and 154,100 part-time jobs compared with May 2018.
Here is the employment rate in the month of May (numbers from the previous month in brackets –
- Employment rate: 62.2% (62.1)
- Unemployment rate: 5.4% (5.7)
- Participation rate: 65.7% (65.9)
- Number working: 19,056,800 (19,029,100)
- Number unemployed: 1,081,800 (1,158,700)
- Youth (15-24 years) unemployment rate: 10.0% (10.3)
- Men (25 plus) unemployment rate: 5.0 % (5.2)
- Women (25 plus) unemployment rate: 4.2% (4.7)