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Canadian employment was virtually unchanged from the previous month, gaining 8,800 jobs to reach 20.978 million in May. The employment rate held steady at 60.8%, while the unemployment rate increased by 0.1 points to 7.0%.
Average hourly wages saw a 3.4% year-over-year increase, rising to $36.14 in May. Additionally, the total hours worked rose by 0.9% compared to May of the previous year.
British Columbia Employment
Employment in B.C. rose by 0.4% to 2.963 million, with a gain of 13,000 jobs in May. In Metro Vancouver, employment increased by 0.9% to 1.715 million.
Despite job gains, the unemployment rate in B.C. rose by 0.2 points to 6.4%, while Vancouver's unemployment rate climbed 0.3 points to 6.6%.
Market Implications
May's jobs report reflects a continuation of trends from the previous month — modest employment growth alongside a rising unemployment rate in both B.C. and nationwide.
The Canadian labour market appears to be stabilizing at weaker levels, with unemployment reaching 7.0% — the highest since September 2021. Given the Bank of Canada's decision to hold rates this week, this report strengthens the case for a 25-basis-point cut in July to stimulate both employment and economic growth amid broader global uncertainties.
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Source: BCREA
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