News

Slight Increase in Saskatoon unemployment rate on the heels of 10 consecutive months of employment growth

After ten consecutive months of employment growth, leading to an increasingly tight labour market characterized by low unemployment rates and high labour force participation rates, Saskatoon’s unemployment rate rose to 4.7% in May from 4.4% last month.

Saskatoon’s economy saw 400 jobs added, adding to the other 600 people entering the labour force, resulting in the unemployment rate rising.

Provincially, the unemployment rate was pushed lower to 4.8% from 5.5% in April. Job gains in the province were primarily from an increase in part-time positions (5,700) relative to a decrease in full-time positions (-4,100). Overall, the goods-producing sector contributed to higher job growth than the services-producing sector.

The jobs report follows a recent decision by the Bank of Canada at the beginning of June to raise its key interest rate by another half percentage point to 1.5% to rein in inflation.

In Saskatchewan, the annual pace of inflation rose to 5.9% in April, and 5.7% in Saskatoon, the fastest year-over-year rise in 31 years.


Tyler Nguyen

Manager, Economic Intelligence
(306) 664-0720