Canada May employment change 39.8K vs 30K estimate

• Prior report +15.3 K (that was lower than 55.0K estimate)
• Employment change 39.8K vs 30K estimate
• unemployment rate 5.1%% vs. 5.2% estimate. The unemployment rate is a new record
• full-time employment 135.4K vs. -31.6 K last month
• Part time employment -95.8K vs 47.1 K last month
• participation rate 65.3% vs 65.3% last month
• total hours worked were little change in May but up 5.1% compared with 12 months earlier
• average hourly earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term increased 3.9% on the year on year basis
• service producing jobs rose by 81,000. Goods producing jobs decreased by 41,000 mostly dudes decline in manufacturing (-43,000)
• The adjusted unemployment rate – which includes those who wanted a job but did not look for one – fell -0.2% to 7% in May. This was the lowest rate on record (going back to 1976)
• long-term unemployment account for 19.7% of all unemployed in May up from 15.6% in February 2020

The employment increase was driven by gains in full-time work which was spread across several industries led by wholesale and retail trade. Employment gains were driven by increases for women in each of the 3 main age groups categories (25 to 54 rose by +63K). Employment for men was little changed.

Employment in the services-producing sector rose by 81,000 (+0.5%) in May, with gains spread across several industries.

• accommodation and food services (+20,000; +1.9%) for a second consecutive month, consistent with increases in both GDP in the industry (+10.9%) and food services sales (+6.5%) in March.
• The number of people working in professional, scientific and technical services grew by 21,000 (+1.2%) in May, adding to the increase of 15,000 (+0.9%) seen in April, and bringing gains over the first five months of 2022 to 68,000 (+4.0%). A notable proportion of the increase in May in this industry occurred in Alberta (+11,000; +5.5%).
• educational services (+24,000; +1.6%)
• Retail trade (+34,000; +1.5%) in May,
• transportation and warehousing (-25,000; -2.4%)
• finance, insurance, real estate, rental and leasing (-19,000; -1.4%)

Overall employment in the goods-producing sector declined by 41,000 (-1.0%) in May

• Employment in manufacturing fell by 43,000 (-2.4%) in May, erasing gains seen during the fall of 2021 and returning employment in the industry to a level on par with May 2021. Monthly decreases were seen in six provinces, with the largest recorded in British Columbia (-11,000; -5.8%), Ontario (-16,000; -2.0%) and Quebec (-7,700; -1.5%).
• Employment held steady in construction in May, after falling in April. Employment in the industry had been trending upward from November 2021 to March 2022, and was up 5.3% on a year-over-year basis in May.
• There were 8,300 (+2.5%) more people working in natural resources in May, the third increase in five months. Gains in May were led by Quebec (+2,100; +4.3%).

Solid report for the jobs in May that keeps the BOC tightening.

The USDCAD moved higher initially but has moved back lower, but that is largely a reflection of the stronger CPI in the US.

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