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Canadian economy unexpectedly adds 289,600 jobs in May | Kalvimalar - News

Canadian economy unexpectedly adds 289,600 jobs in May- 5-Jun-2020

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Ottawa (Canada): Statistics Canada reported Friday the Canadian economy added 289,600 jobs in May, with businesses reopening amid easing public health restrictions.
      
The unemployment rate rose to a record high of 13.7 per cent, topping the previous high of 13.1 per cent set in December 1982 in more than four decades of comparable data. The increase in the unemployment rate came as more people started looking for work.
    
Some economists had predicted a loss of 500,000 jobs in May and an unemployment rate of 15.0 per cent, according to financial markets data firm Refinitiv.
    
The increase in the number of jobs comes after three million jobs were lost over March and April, and about 2.5 million more workers had their hours slashed.
    
Statistics Canada said the number of people who worked less than half their usual hours fell by 292,000 in May.

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