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The unemployment rate in Canada rose to 5.4% in June of 2023 from 5.2% in the previous month, the highest in one year and slightly above market estimates of 5.3%.
Still, it was only the second monthly increase since August of 2022 and the jobless rate remained firmly below averages from prior to the pandemic-induced crash of 2020, underscoring tightness in the labor market.
Unemployment rose by 25.1 thousand individuals to 1.15 million in the period, largely due to an increase in the labor force. In the meantime, 60K jobs were added to the Canadian economy.
