The unemployment rate fell to 6.6% in May, better than expectations for a flat reading…

… on the back of over 150K full-time job gains, which reversed the category’s YTD underperformance entirely.

That strength was broad-based at the industry level - with gains in construction, transportation, and manufacturing more-than-offsetting weakness in retail trade…

… and taking another 50 bps off the unemployment rate in Ontario, pushing it to the lowest level since September of 2024.

Overall, a positive print - which we’ll need more of to fix the structural problems in Canada’s labour market.

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