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Canada Jobs Rise More Than Expected, But Labour Conditions Weaken

CANADA DATA
  • Canada May employment increased +26.7K vs +20K expected. The increase was driven by part time employment at +62.5K, which offset the 35.6K drop in full time jobs.
  • Unemployment rose by +0.1 pp to +6.2%, the eighth increase in 12M. 
  • Average hourly wages rose +5.1% in May compared to +4.7% the month before. The BoC has said wage pressures are easing. 
  • Signs of underlying labour market weakness include the involuntary part time rate rising +2.8 pp to +18.2% from a year before and long term unemployment +5 pp also to +18.2%. 
  • Hours worked were flat in May, +1.6% YOY.
  •  The employment rate was down -0.1 pp to 61.3% in May; YOY labour force +652K outpacing the +402K change in employment. 
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