Canadian employment rose more than expected in May, unemployment rate stable at 6.6%. CAD rally vs USD more than 50 pips after the news

Employment rose by 55,000 in May, spurred by an increase in full-time work (+77,000). At the same time, the unemployment rate rose by 0.1 percentage points to 6.6%, the result of more people participating in the labour market. The employment increase in May builds on gains since July 2016, when the current upward trend began.

Compared with 12 months earlier, there were 317,000 (+1.8%) more people employed, mostly the result of increases in full-time work. Over the same period, the total number of hours worked rose 0.7%.

In May, employment increased among youth aged 15 to 24 and men aged 25 to 54. At the same time, employment held steady for women aged 25 to 54 and people 55 years of age and older.

Employment rose in Ontario, British Columbia, Manitoba and Prince Edward Island. There was little change in the other provinces.

In May, employment increased in several industries, led by professional, scientific and technical services as well as manufacturing. There were smaller increases in transportation and warehousing; wholesale and retail trade; as well as health care and social assistance. In contrast, fewer people worked in finance, insurance, real estate, rental and leasing; information, culture and recreation; and public administration.