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Widespread job growth as unemployment falls to 6.6%: StatCan
Statistics Canada released their Labour Force Survey on Friday, noting that the economy added 88,000 jobs in May as the unemployment rate fell to 6.6 per cent.
The survey reports widespread job growth across many industries, mostly in full-time work.
While the construction industry grew by 27,000 jobs last month, the wholesale and retail trade sector lost 35,000 positions.
StatCan says average hourly wages went up by three per cent in May, down from 4.5 per cent in April.
WATCH MORE: StatCan reports Canadian economy stalls in Q1, slips into ‘technical recession’
The agency also reports that young workers between the ages of 15 and 24 gained 99,000 full-time positions in May, resulting in the age group’s jobless rate falling for the first time since January.
StatCan says May’s youth unemployment rate stands at 13.4 per cent, still above the pre-pandemic average of 10.8 per cent.
Many experts say the economy has declined for two quarters in a row, but it’s still not a recession.
The May jobs report marks the last major economic data release before the Bank of Canada’s interest rate decision on Wednesday.
With Files From The Canadian Press
