Canada adds nearly 88,000 jobs in surprise May surge

本站添加: 2026-06-08

[00:00:00]The newest labor market survey shows more Canadians are working in construction. That industry made up a big chunk of the 88,000 new jobs in May, accounting for about 30% of an unexpectedly high boost to employment.

[00:00:16]Warehousing and transportation also saw big gains. Across the board, the new jobs in May get employment levels significantly closer to those at the beginning of the year.

[00:00:28]Many economists had predicted flatter numbers because the labor market had been soft.

[00:00:33]>> It's a relief.

[00:00:35]Uh it also doesn't change the kind of like fundamental big picture of what's going on in the job market.

[00:00:44]>> Despite continued pressure from trade tensions, manufacturing jobs went up in May, though still down compared to before US tariffs were imposed.

[00:00:54]While retail and wholesale jobs saw a big drop, across the economy there is more full-time work. Though these numbers can signal improvement, it is just one month.

[00:01:05]>> We saw declines in three of the first four months of 2026, and now we get a nice pop to reverse those earlier declines. The trend is somewhere in between.

[00:01:17]>> Some of these economic factors also connected to immigration changes.

[00:01:21]>> We're actually seeing negative population growth in the last two quarters. So that plays a role in really driving down the overall growth potential of the economy.

[00:01:32]>> All this comes alongside an is it or isn't it recession and Canadians concerned about their own finances. Just last week, Canada's central bankers said they're watching closely.

[00:01:43]>> The main concern for both households and businesses is a geopolitical or economic shock that leads to a deep recession and a sharp rise in unemployment.

[00:01:54]>> The Bank of Canada's next big decision is on interest rates, and that is in less than a week on June 10th.

[00:01:59]>> So, Anise, these job numbers come just a week after other economic data said Canada could be in a recession by some definitions. So, how does that factor into all of this?

[00:02:10]>> Yeah, for one thing, these numbers have several economists flat-out saying this pushes against the recession narrative because usually recessions come with job losses. As for what the Bank of Canada will do with interest rates, between inflation, GDP, and jobs data, a single month of good news may not shift things.

[00:02:26]The expectation is interest rates stay where they are, Erica.

[00:02:30]>> Okay, thanks for this, Anise Hadari in Calgary tonight.