Canadian employment edged up by 39,800 to 19.64 million in May. The labour market continued to tighten, with the Canadian unemployment rate declining by 0.1 to 5.1 per cent, the lowest rate on record for a second consecutive month. Average hourly wages were up 3.9 per cent on a year-over-year basis, increasing from April's 3.3 per cent. Wage gains are below the inflation rate, however, which hit 6.8 per cent year-over-year in the most-recent data. The employment rate held steady at 61.9 per cent.
Employment in BC grew by 5.1k to 2.74 million in May. Metro Vancouver's employment grew by 7.1k (0.5 per cent) month over month. The unemployment rate declined sharply in May to 4.5 per cent, approaching record lows set in the mid 2000s. Of the provinces, only Quebec currently has a lower unemployment rate.
Copyright British Columbia Real Estate Association. Reprinted with permission.