Canada loses 7500 jobs in May but unemployment rate unchanged

Unemployment dropped in Calgary and Alberta in May, even though the national rate remained unchanged.

Bank of Montreal senior economist Robert Kavcic said the wage growth suggests a strong labour market in Canada and an economy running near potential.

"Add this week, several other important indicators and the Bank of Canada should be prepared to raise rates next month, avoiding a new turmoil on this front", said Kavcic.

But average hourly wages rose 3.9 per cent from a year earlier, matching a pace last seen in July, 2012. Despite the increase in the unemployment rate for the fifth straight month, the region only lost around 100 jobs from April to May.

The central bank has raised its target for the overnight rate three times since last summer and it now stands at 1.25 per cent.

Barrie's unemployment rate has been on a slight decline since March.

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Across the country, Stats Canada says the economy saw 7,500 jobs lost in May with 31,000 full-time positions lost. Employment fell by 7.5k net positions.

In Quebec, a drop in full-time work was offset by a gain in part-time to leave the province little changed for the month. In terms of employment types, the public sector added 12.9 k jobs, while private employment fell 4.8k.

The loss of jobs came as the health care and social assistance sector lost 24,000 jobs, while the manufacturing sector lost 18,000.

The federal agency says the number of people working in the area climbed by 1,400 in May.

The slowdown is not expected to be a major destabilizing jot to the market, as Canada has still added a net 238,000 jobs over the past 12 months.

On the contrary, the service-sector continued to add jobs, with notable gains in accommodation and food services, and professional services.

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