Unemployment rate at 5.1% in May hits new record low in Canada

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Canada’s unemployment rate edged down 0.1 percentage point to 5.1% in May, marking three straight months of declines as this key labor market indicator hit a new record low, said Statistics Canada.

The tightening labor market in recent months has contributed to the year-on-year decline in unemployment rates among the middle-aged population, the national statistics agency added on Friday.

The adjusted unemployment rate, which includes those who wanted a job but weren’t looking for one, fell 0.2 percentage points to 7% in May, the lowest rate on record since comparable data became available in 1976, the Xinhua news agency reported.

According to a related survey, the jobless-to-vacancy ratio hit an all-time low of 1.2 in March, underscoring labor supply pressures faced by employers looking to attract and retain employees. .

Meanwhile, employment rose by 40,000, or 0.2 percent, thanks to increases in full-time work among young and middle-aged women, the agency said.

Total hours worked were little changed in May, but rose 5.1% from 12 months earlier and average hourly earnings rose 3.9% to C$31.12 (24. $9) on an annual basis, according to Statistics Canada.

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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