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Canada reports lowest unemployment rate since 1976

  • Canada’s unemployment rate fell to 5.4% in May
  • The country also added 27 700 new jobs in that month
  • Analysts expected 5.7% and 8 000, respectively

Canada’s unemployment rate dropped to a record 5.4% in May, and the country added 27 700 new jobs during that month. This is according to official data published today. The Canadian dollar reached a 7-week high after the news.

The average unemployment rate predicted by analysts who took part in a Reuters poll was 5.7%, and the nett jobs gain 8 000. Statistics Canada also announced that the 5.4% unemployment rate was the lowest since 1976.

This follows a net jobs gain of 106 500 in April.