Canadian Employment Up In May, Unemployment Unchanged At 8.1%

(RTTNews) - Canadian economy continued to show signs of growth, with the nation's employment growing more than consensus estimates. This came in close to the heels of last week's data that revealed gross domestic product grew 6.1% on annualized basis in the first quarter after advancing 4.9% in the previous quarter.

Canadian employment increased by 25,000 in May, recording fifth consecutive monthly increase, according to data released Friday morning by Statistics Canada. Economists were expecting 20,000 jobs creations in May.

Meanwhile, the unemployment rate was unchanged at 8.1% in May, as against economists' expectations for 8%.

Since the start of upward trend in July 2009, employment rose by 1.8% to 310,000. Last month, Canada reported an increase of 109,000 jobs, the largest monthly gain in percentage terms since August 2002, and more than five times the forecasted gain.

Full time employment rose 67,000 in May, partly offsetting 43,000 job losses in part-time.

While Ontario, Alberta, Newfoundland and Labrador as well as Nova Scotia recorded growth, job losses were seen in British Colombia and Prince Edward Island.

Sector wise, employment in transaction and warehousing grew by 26,000 and, Healthcare and social assistance continued its long-term uptrend, adding 18,000 jobs.