Statistics Canada Report Shows Economy Holds Steady In May
Growth in services-producing industries was offset by a decline in goods-producing industries, as 14 of 20 industrial sectors increased.
Growth in services-producing industries was offset by a decline in goods-producing industries, as 14 of 20 industrial sectors increased.
Canada’s inflation rate skyrocketed to a nearly 40-year high with Nova Scotia and New Brunswick both recording rates over 9 percent.
StatsCan says the modest decline in unemployment comes as fewer people look for work, almost entirely in the 55-and-older age bracket.
Canada’s inflation rate skyrocketed to a nearly 40-year high of 7.7 percent during the month of May but basic costs rose even higher in the Maritimes.
Canada’s unemployment rate reached a new record low of 5.1 percent in May, according to Statistics Canada. It was the third consecutive month that the unemployment rate reached a new record low in Canada.
It’s no secret that the pandemic has made mental health worse on a large scale and we can’t expect to organically return to pre-pandemic levels instantly. Nor should we want to; we have to aim much higher than that. This will take intentional action on behalf of employers, employees, and the government.
Employment increased in New Brunswick, Nova Scotia, and Newfoundland and Labrador in April, according to Statistics Canada’s Labour Force Survey.
Canada is facing record retirements from an aging labour force amid high job vacancies and historically low unemployment.
Canada’s inflation rate reached a new, 31-year high of 6.7 percent in March. That is a full percentage point higher than the 5.7 percent gain we saw in February.
Canada’s unemployment rate has fallen to a record low of 5.3 percent, according to Statistics Canada. Meanwhile, New Brunswick sits at 7.7 percent and Nova Scotia at 6.5 percent.