Business

Canada's jobless rate drops to 5.4%, lowest level in 43 years

Canada's jobless rate drops to 5.4%, lowest level in 43 years

The Canadian economy added 27,700 jobs in May, enough to push the jobless rate down to 5.4 per cent — its lowest level since 1976.

Statistics Canada reported Friday the jobless rate dropped three ticks mainly because fewer people were looking for work. That, coupled with the jobs gain, was enough to push the rate to a more than 40-year low.

May's job gain comes on the heels of 106,500 added in April, the best month for jobs on record.

The May number means Canada's economy has added 453,000 jobs in the past 12 months — an increase of 2.4 per cent. It also blew past the roughly 5,000 jobs that economists polled by Bloomberg were expecting.

Most of the jobs were added in Ontario, British Columbia, Nova Scotia and New Brunswick. The job market shrank, meanwhile, in Newfoundland and Labrador, and Prince Edward Island. Everywhere else, it was little changed.