Our plan is working: 1 million new jobs since 2015, a growing economy, and the lowest unemployment rate on record. There’s more work to do, and we’ll keep investing in you to make it possible.
The Canadian economy showed signs of strength in May as it added 27,700 jobs and the unemployment rate fell to its lowest level since comparable data become available in 1976.
Economists on average had expected the addition of 8,000 jobs for the month and an unemployment rate of 5.7 per cent, according to Thomson Reuters Eikon.
The better-than-expected increase in the number of jobs — made up entirely of full-time employment as there was no change in the number of part-time jobs — followed a record 106,500 jobs that were added in April.
However CIBC senior economist Royce Mendes noted that when you drill down into the details of the jobs report some of the details weren't as good as the headline suggested.
“The details though weren't immaculate, if you look at where the job creation was focused,” he said.
“Yes, it was focused in full-time which is solid for the Canadian economy, but it was also attributed to self-employment, which tends to be more precarious than paid employment at companies.”
The number of self-employed workers rose 61,500, while the number of employees fell by 33,800 including a drop of 13,100 public sector employees and 20,700 private sector employees. — Craig Wong/@JustinTrudeau