Canada adds 55,000 jobs in May, more than triple expectations

Canada’s economy added a net 55,000 jobs in May, blowing past expectations with a surge in full-time work.

Statistics Canada reported Friday the economy added 77,000 full-time jobs, but that was offset by a loss of just over 22,000 part-time positions.

Almost all the new jobs came in the private sector, while self-employment and the public sector were little changed.

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Economists had been expecting the economy to add about 15,000 jobs during the month.

May’s strong figure means Canada’s economy has added 317,000 jobs in the past year — the strongest 12-month total since February 2013, TD Bank economist Brian DePratto said.

“This is a report with a lot to like in it,” he said in a note.

Despite the jobs surge, the unemployment rate ticked up to 6.6 per cent, as more than 78,000 people entered the job market looking for work during the month.

“Even the modest uptick in the unemployment rate is a welcome development as it reflected a labour market that drew Canadians back in,” DePratto said, noting that the participation rate among the core working age population is now near record highs.

The manufacturing sector added 25,000 new jobs, its best month since 2002.

The finance, insurance and real estate sector lost 17,000. Read more…

Canada adds 55,000 jobs in May, more than triple expectations