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Solid May Jobs Report ‘Should Silence the Recession Crowd’: BMO Economist
Statistics Canada said the gain was the first significant increase since November and could influence the Bank of Canada’s June 10 rate decision.
- Statistics Canada reported Friday that the economy added 88,000 jobs in May, topping economists' expectations for a gain of 10,000 positions and marking the first significant employment increase since November.
- This rebound offsets the 112,000 net jobs shed during the first four months of 2026, prompting Benjamin Reitzes, managing director at BMO, to say the solid figures 'should silence the recession crowd.'
- Growth was widespread across industries, led by construction with a gain of 27,000 jobs, while young workers aged 15 to 24 saw a gain of 99,000 full-time positions and their jobless rate fell for the first time since January.
- Financial market odds for a Bank of Canada interest rate hike next week stood at more than 95 per cent as of Friday at noon, though Nathan Janzen, assistant chief economist at RBC, argues recent GDP data remain 'fragile.'
- Andrew Hencic, TD Bank senior economist, cautioned 'there continues to be a lot of noise in the Canadian economic data,' yet expects activity to bounce back in the second quarter as the economy operates below potential.
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Unemployment Fell to 6.6 Percent in May as 88,000 Jobs Added: StatCan
Canada’s economy added 88,000 jobs in May, pushing the unemployment rate down to 6.6 percent and partially counteracting the decline in employment so far this year, according to federal data. The job growth last month allowed Canada to recover nearly 80 percent of the net 112,000 jobs lost during the first four months of 2026, Statistics Canada said in a June 6 report. The unemployment rate fell to 6.6 percent in May from 6.9 percent in April, S…
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The Canadian economy unexpectedly created 88,000 jobs in May, according to Statistics Canada, which partially offset the declines in the labour market since the beginning of the year.
Coverage Details
Total News Sources19
Leaning Left10Leaning Right1Center3Last UpdatedBias Distribution72% Left
Bias Distribution
- 72% of the sources lean Left
72% Left
L 72%
C 21%
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