Employment in Canada rose for a sixth straight month in May, besting market expectations by a wide margin, while the unemployment rate rose because more people went looking for work amid improving economic conditions.
Gains were led by full-time jobs in the private sector in another signal Canadian companies believe sales prospects are on the upswing.
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The Canadian economy added a net 54,500 jobs in May, Statistics Canada said Friday. Market expectations were for a gain of 15,000 positions, according to economists at Royal Bank of Canada. On a year-over-year basis, Canadian employment increased 316,800 or 1.8%, which marks the fastest annual rise in job growth in over four years.
The country's unemployment rate rose to 6.6% in May from 6.5% in the previous month, matching market expectations. The uptick in the jobless rate can be attributed to an increase in the labor force of 78,400 -- or the largest one-month gain in the labor force since April, 2012.
Full-time employment rose 77,000 in the month, while the number of part-time jobs declined 22,300. The private sector added 59,400 workers.
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(END) Dow Jones Newswires
June 09, 2017 08:45 ET (12:45 GMT)