Canada's unemployment rate hit 7.0% in May, the highest level outside of the pandemic in nine years, marking an increase from 6.9% in April. Statistics Canada reported that 1.6 million Canadians were unemployed, representing a 13.8% rise from the previous year. The transition from unemployment to employment has slowed, with fewer individuals finding jobs this May compared to similar periods in prior years. This suggests a more challenging environment for job seekers amidst a shift in the labor market dynamics.
Statistics Canada has reported that Canada's unemployment rate has risen to 7.0 per cent in May, the highest seen in nine years outside of the pandemic.
The data showed that 1.6 million Canadians were unemployed in May, marking a 13.8 per cent increase compared to the same period last year.
A lower percentage of unemployed people found jobs in May compared to previous years, highlighting increasing challenges in the current labour market.
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