Forward Guidance: Expect Canada’s unemployment rate to tick lower in May
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Data Flash: Canadian labour market data bounced back in May
The Canadian labour market exhibited a robust recovery in May, with an employment increase of 88,000 and a decline in the unemployment rate to 6.6%, according to RBC Economics. This uptick provides a welcome contrast to recent soft GDP data, suggesting resilience in the Canadian economy despite potential challenges ahead. Per the full note, the substantial rise in full-time positions (up 154k) underscores positive underlying trends, even as the retail sector struggles. With trade uncertainties and rising energy prices lurking as headwinds, the desk believes sustained improvements in labour conditions could signal gradual economic stabilization as 2026 progresses.