Canada employment rose 290k in May, unemployment rate rose to record 13.7%

Canada employment grew 290k in May, well above expectation of -500k loss. That also represented a recovery 10.6% of the coronavirus related employment losses. Unemployment rate, however, rose to 13.7%, up from 13.0%, but better than expectation of 15.0%. That was the highest level on record too. Participation rate rose 1.6% to 61.4%, but stayed well below pre-coronavirus level of 65.5%.

Full release here.

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