Canada's unemployment rate increased to 5.2% in May, according to Statistics Canada, suggesting that the job market in the country is weakening. .Overall employment remained mostly the same during the month, with 17,000 jobs lost. .The number of employed youth aged 15-24 decreased, while it increased for those aged 25-54..This is the first time the unemployment rate has risen since August 2022. .In April, the rate was 5%. .The release of this job report follows the decision made by the Bank of Canada earlier this week to raise its key interest rate target to 4.75%, a quarter of a percentage point..By increasing the key rate, the central bank stated that the job market remains competitive, indicating continued demand for workers..More to come...
