Stats Canada says economy added 40,000 jobs in May
Canada's unemployment rate has fallen to a record low as the country reports an additional 40-thousand jobs were added in May.
Statistics Canada says the increase was driven by a gain in full-time jobs as the labour market continued to tighten and wages pushed higher.
The unemployment rate fell to 5.1 per cent, the lowest rate since at least 1976 -- as far back as comparable data goes.
Here in Niagara our jobless rate was 5 per cent in May, compared to 5.2 per cent in April.
The jobs report follows a decision by the Bank of Canada last week to raise its key interest rate by half a percentage point to 1.5 per cent in an effort to help bring inflation back under control.
The annual pace of inflation rose to 6.8 per cent in April, the fastest year-over-year rise in 31 years
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