Employment rose by 40,000 (+0.2%) in May and the unemployment rate edged down to 5.1%. The employment increase was driven by gains in full-time work among young and core-aged women. The increase was spread across several industries, led by wholesale and retail trade, and was concentrated in Alberta. Total hours worked were little changed in May, but were up 5.1% compared with 12 months earlier. Average hourly wages increased 3.9% (+$1.18 to $31.12) on a year-over-year basis. Amid a number of recent indicators of increasing labour demand and limited supply, employment growth resumed in May after pausing in April. ... (full story)

The Canadian economy added 38,900 jobs in May, according to the latest data released by Statistics Canada on Friday. That was above expectations for a 30,000 rise and above last month's 15,300 reading. The gain in full-time employment was a robust 135,400 while part-time employment fell by 95,800. Meanwhile, the unemployment rate fell unexpectedly to 5.1% in May from 5.2% a month earlier. The participation rate was unchanged at 65.3%. The loonie saw immediate strength versus the majority of its major G10 peers in wake of the robust labour market data, which supports the case for aggressive BoC tightening. (full story)