While many are concerned about the U.S. job market, it appears as if employment for America’s neighbors up north is steadily improving.
Canada’s job report for the month of May showed an overall gain of 13,800 positions, which was well above an estimated net gain of 1,800 positions. 30,200 of the positions added were in the public sector.
In addition, 61,000 of the total positions added were full-time, which helped offset a loss of 47,000 part-time jobs.
The number of employee positions increased by 24,800 in May, while those who are designated as self-employed decreased by 11,100.
Interestingly, May’s job report shows that employment increased for those aged 55 and older, while it actually decreased for those aged 15 to 24 by 35,400 positions.
The overall unemployment rate in Canada dropped to 6.9 percent, its lowest rate since last July. Experts expected the rate to increase to 7.2 percent.
Labor force participation, which helps account for those who have dropped out of the workforce, was fairly stable from month-to-month at 65.7 percent.
News of the improved unemployment figures helped the Canadian dollar raise in value by 0.4 percent.