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Unexpected job market pullback signals rate hikes may start to bite in Canada

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The unemployment rate rose for the first time in nine months to 5.2% in May From m_zadikian

Labour market strength has been a sticking point in the Bank of Canada's fight to get inflation back down to two per cent. REUTERS/Mark Blinch

Total hours worked fell 0.4 per cent month-over-month, which could have negative implications for GDP. In the first quarter alone, 231,000 jobs were added, making it the best non-pandemic quarter on record, according to BMO Capital Markets.

 

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