The unemployment rate in Canada increased
In May, Canada experienced a 0.2 percentage point increase in the unemployment rate, reaching 5.2 percent. This marked the first increase in nine months, as reported by Statistics Canada. The unemployment rate for youths aged 15 to 24 rose by 1.1 percentage points to 10.7 percent compared to April. Among individuals aged 55 and older, the unemployment rate increased slightly by 0.2 percentage points to 4.1 percent. However, the joblessness rate for those in the core working age range of 25 to 54 remained unchanged at 4.3 percent.
The overall employment situation in May saw little change, with a decrease of 77,000 in employment for youths and an increase of 63,000 among individuals in the core working age group. The employment rate, which represents the proportion of people aged 15 and older who are employed, decreased by 0.3 percentage points to 62.1 percent in May. Statistics Canada attributed this decline to the substantial population growth during the month, coupled with minimal changes in employment levels.
In terms of employment types, the number of employees remained stable in both the private and public sectors. However, there was a decrease in the number of self-employed workers, according to the national statistical agency.