National unemployment rate rose to 5.2% in May, while PEI saw little change

Statistics Canada says the national unemployment rate rose to 5.2 per cent in May, marking the first increase since August 2022.  The federal agency says overall employment was little changed last month as the economy lost a modest 17,000 jobs.  The job report comes two days after the Bank of Canada raised its key interest rate by a quarter of a percentage point, citing concerns about a string of hot economic data, including low unemployment.  The unemployment rate had hovered at five per cent for five consecutive months.  PEI’s unemployment rate was little changed at 7.2-percent in May, up marginally from April’s 7.1-percent.  Employment decreased by 500 in PEI in May.