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MNI: Canada Unemployment Falls To New Historic Low Of 5.1%

(MNI) Ottawa

Canadian unemployment fell a notch to a fresh historic low of 5.1% in May led by a surge in full-time hiring and wage growth pushed further above the central bank's inflation target, underscoring Governor Tiff Macklem's view more forceful rate hikes may be needed in an economy operating beyond regular capacity limits.

Employment gains quickened to 39,800 from April's 15,300 and beat a consensus forecast of a 27,500 increase. The unemployment rate dip from April's 5.2% took it further past the lowest in comparable records back to 1976 in a month where economists expected no change.

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Canadian unemployment fell a notch to a fresh historic low of 5.1% in May led by a surge in full-time hiring and wage growth pushed further above the central bank's inflation target, underscoring Governor Tiff Macklem's view more forceful rate hikes may be needed in an economy operating beyond regular capacity limits.

Employment gains quickened to 39,800 from April's 15,300 and beat a consensus forecast of a 27,500 increase. The unemployment rate dip from April's 5.2% took it further past the lowest in comparable records back to 1976 in a month where economists expected no change.

Keep reading...Show less