Canada Full-Time Jobs Jump 154,000 as Wage Growth Slows to 3.2%

3 articles · Updated · continuumeconomics.com · Jun 5

154,000 full-time jobs were added in May, reversing three straight monthly declines totaling 156,200 and helping erase much of the labor market’s recent weakness.
87,800 net jobs were added overall while the labor force rose just 3,800, pushing the unemployment rate down to 6.6% even as six-month employment and labor-force trends stayed near flat.
38,700 goods-sector jobs led the gains— including 26,800 in construction and 14,700 in manufacturing—while services rose 49,100 despite a 35,000 drop in wholesale and retail; part-time work fell 66,200.
3.2% annual wage growth for permanent employees, down from 4.8%, suggests inflation pressure is easing outside energy and lowers the risk of a sharply more dovish Bank of Canada shift next week.
USMCA review risks still hang over the outlook, leaving the jobs rebound strong enough to calm downside fears on activity but not strong enough to signal a hawkish turn.