Key Points
The net job losses came as a surprise, after robust employment gains in recent months..
Canada shed 17,000 jobs in May, pushing up for the first time in several months the unemployment rate to 5.2 percent, the national statistical agency said Friday.e)..
"After a long string of outsized gains in job growth, hiring apparently hit a rough patch in May," said Desjardins analyst Royce Mendes..
The Bank of Canada, after becoming in March the first major central to pause its recent aggressive monetary policy to fight inflation, came off the sidelines this week to hike its key lending rate to 4.75 percent..
"We continue to expect data releases to look softer as time goes on," Janzen said in a research note, adding that "it will probably take more downside surprises to upend plans for another rate hike in July.".
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