Statistics Canada to release May jobs report this morning

OTTAWA — Statistics Canada is set to release its May labour force survey this morning.

RBC expects the unemployment rate ticked up to 6.2 per cent and the economy added a modest 15,000 jobs last month.

The report is the first major data release following the Bank of Canada’s interest rate cut on Wednesday.

The Canadian job market has softened over the last year as high interest rates weigh on businesses.

The unemployment rate was 6.1 per cent in April, a full percentage point higher than it was a year ago.

The job market is expected to remain weak in the coming months, even as the Bank of Canada continues to lower interest rates.

The report will This report by The Canadian Press was first published June 7, 2024.

The Canadian Press