Canada's jobless rate drops to new record low — what you need to know — via financialpost Economy
— is causing wage demands to rise. That’s probably all the evidence the Bank of Canada needs to raise interest rates again when they next meet to set policy in July.Article contentIf inflation wasn’t so troubling, we’d be talking about the strongest labour market in memory. The net 40,000 jobs created in May were almost all full-time positions: full-time work increased by about 135,000 jobs, while part-time employment dropped by 96,000.
Statistics Canada’s “adjustment” jobless rate, which counts respondents to the Labour Force Survey who say they’d like to work but didn’t look for a job, declined to seven per cent, the lowest since at least 1976, which is as far back as comparable data extend. Total hours worked were little changed from April, but about five per cent higher than a year earlier. The employment rate, which measures the percentage of the population aged 15 years and older that has a job, increased to almost 62 per cent in May, from 59.4 per cent a year earlier.Article content
These are all remarkable numbers. If Macklem can restrain inflation without triggering a recession, Canada’s economy would be about as strong as it’s been in memory.Macklem wanted to probe the definition of full employment because high-pressure economies shatter systemic barriers. Employers tend to hire from the groups with which they’re familiar when economic growth is only OK. That sort of bias is rarely conscious, but it’s real.
Statistics Canada observed that the employment rate of Indigenous women had increased more than 10 percentage points from May 2021, to about 70 per cent. That’s just one example. There’s still distance to travel, but Canada’s post-pandemic economy is becoming more equal.Article content
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