Breaking: Canada lost 17,000 jobs in May, said Statistics Canada
In its Labour Force Survey released Friday morning, Statistics Canada said 17,000 jobs were lost in May, the first time in eight months there was a net job loss. The unemployment rate rose to 5.2 per cent.The Bank of Canada cited continuing strength in the labour market Wednesday in announcing its decisionby 25 basis points — a quarter of a percentage point — to 4.75 per cent.
Last March, the bank began an aggressive rate-hike campaign in a bid to drive inflation down, pushing its key overnight rate to 4.5 per cent from 0.25 per cent.
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