Jobless Rate Increases to 6.2% in May: Are Further Rate Cuts Ahead?

A slowing economy is pushing more Canadians into part-time jobs, hindering young people’s attempts to gain early work experience, according to the latest employment data.

Statistics Canada reported a decline in the employment rate for returning students aged 20-24 in May, dropping to 61% from 63.9% a year prior.

Economist Brendon Bernard suggests there’s a link between the rising number of workers opting for part-time roles and a sluggish start to the summer job season for students. When established workers face weakened employment prospects, they may turn to seasonal or precarious positions to secure hours. These roles—often found in retail and the hospitality sectors—typically serve as entry points for youth seeking work during breaks.

Read More: https://theleadersglobe.com/money/jobless-rate-increases-to-6-2-in-may-are-further-rate-cuts-ahead/