- KPB & Co Research
Canada's unemployment rate declined 0.3 percentage points to 5.4% in may hitting the lowest level seen since data recording began in 1976. The decline in the Unemployment rate came on the heels of a relatively small employment gains during the month, and a sharp fall off in the number of people seeking a job relative to the previous month. On a 12-month basis, the current unemployment rate reflects strong gains in full time and part-time employment of +299,000 and +154,000 respectively.
sector break down
Relative to the previous month employment gains were broad based with the goods producing sector employing almost 5,000 more people, and the services sector employing almost 23,000 more. The top 3 sub-sectors within the goods producing sector were manufacturing with 9,000, agriculture with 3000, and natural resources with 1,000. In services , the top 3 employers were Health care and social assistance with 20,000, Professional, scientific and technical services with 17,000, and Transportation and warehousing with 10,000. A similar trend can be seen when the employment data for May - 2019 is compared to 12 months prior, with slight differences within each sector. The services sector employed 370,000 more people and the good producing sector hired 82,000 more people. Within the good producing sector Construction had the highest gain with 34,000 followed by Manufacturing with 33,000, and agriculture with 9,000. In services, job gains were led by Health care and social assistance with 89,000, followed by Professional, scientific and technical services with 67,000 and Wholesale and retail trade 75,000.
Statistics Canada Definitions:
The unemployment rate is the number of unemployed people as a percentage of the labour force (employed and unemployed). To be considered unemployed you must be actively seeking a job.
The participation rate is the number of employed and unemployed people as a percentage of the population.
Full-time employment consists of persons who usually work 30 hours or more per week at their main or only job.
Part-time employment consists of persons who usually work less than 30 hours per week at their main or only job.
The employment rate is the number of employed people as a percentage of the population aged 15 and older.