Canada Produces “Jaw-dropping” 95,000 Jobs, Lessening Unemployment to 7.1

This article was last updated on April 16, 2022

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In a report published by Statistics Canada on Friday, it was declared that the Canadian economy has produced a “jaw-dropping” 95,000 new jobs in May. The report showed that a majority of the said jobs were created in the much needed full-time category, out of which majority were in Ontario. It was added that the remarkable increase has landed Canada’s jobless rate down to 7.1 per cent.

In a note to clients, chief economist at BMO, Doug Porter, mentioned that the “Canadian employment shot the lights out in May, with a furious increase of 95,000 net new jobs, close to the largest single monthly gain on record.” Though he also warned his clients against reading too much into a series of choppy monthly data, highlighting that the gains of May have arrived after plentiful months of lacklustre job creation. A senior economist with TD Economics, Sonya Gulati, informed their clients that “while the headline is jaw-dropping, the six-month moving average for job creation is a more reasonable 19,000.”

Meanwhile, the federal minister of finance, Jim Flaherty, alleged that May’s figures are an indication that the government’s policies are working. He stated that “what’s more important is the positive long-trend when it comes to employment in Canada. Since the depth of global recession, we have seen Canada’s job market steadily record solid gains — the best record among all G-7 countries.” He added that “we now have over one million net new jobs created since the depth of the recession in July 2009.”

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