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Special Report

Canada Employment
Research Brief

June 2023

Cooling Job Market Offers Comfort for Central Bank;
CRE Fundamentals on Divergent Path

Employment contracts for the first time in nine months. After three quarters of continuous expansion, Canada’s job market recorded a monthly decline in May. Total employment fell by a net 17,000 positions, driven by a decline in youth employment. The biggest softening in the labour market was witnessed in the service sector, where business, professional services and domestic trade industries posted a job loss of 57,400 roles. Consistent with this decrease in total employment, the jobless rate climbed 20 basis points to 5.2 per cent, accompanied by a 110-basis-point increase in the youth unemployment rate. Meanwhile, the average hourly wage recorded a 0.4 per cent monthly decline, but remained 5.1 per cent higher year-over-year.

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