UPDATE - Canada adds 27,000 jobs in May, unemployment rises to 6.2%

UPDATES WITH MORE FIGURES

By Ovunc Kutlu

ISTANBUL (AA) - Canada's employment increased by 27,000 in May, according to official figures released Friday by Statistics Canada.

The figure came in slightly higher than the market estimates of 25,000 after the North American country added approximately 90,000 jobs in April.

On an annual basis, employment was up by 402,000, or 2%, in May, compared to the same month of 2023.

The unemployment rate rose 0.1 percentage point to 6.2% in May, from 6.1% in April, and that figure came in line with market expectations.

In May, employment increased the most in health care and social assistance with a gain of 30,000, according to the agency. Those were followed by finance, insurance, real estate, rental, and leasing with a rise of 29,000.

There were, however, declines in other industries, led by construction with a loss of 30,000; and transportation and warehousing with a decline of 21,000.

Annually, average hourly wages among employees increased 5.1%, compared to the same month of last year, following a year-on-year growth of 4.7% in April, according to Statistics Canada.

"The employment rate—the proportion of the population aged 15 and older who are employed—declined 0.1 percentage points to 61.3% in May, the seventh decrease in the past eight months," it said in a statement.

"Compared with its recent high of 62.4% reached in January and February 2023, the employment rate has fallen 1.1 percentage points, as population growth outpaced employment growth," it added.