CANADA JOBS REPORT MAY 2022
Canada MAY JOBS REPORT 2022
Push and Pull at the Sametime?
The Canadian Economy added 40,000 jobs in May while the Unemployment Rate fell slightly from 5.2% in April to 5.1% which are seemingly positive indicators.
Although both Interest Rates and Prices are increasing, the labor market has remained relatively stable. Much of the growth for the month of May was in the Leisure and Hospitality sectors.
While the number of open jobs in the economy is strong, Employers are perhaps revisiting short-term growth and hiring plans as we enter into a state of Economic Uncertainty. Employees are also trending towards a more cautious approach, and evaluating the risks of moving to a new company during times of uncertainty.
Looks like we are approaching a “Wait and See” mode to Employment as we understand the impact of reduced Global Inventories and broken Supply Chains on Prices, and which levers to Push and or Pull to get the Economy back on track – quickly.
Statistics Canada – Labor force survey