In May, Canada’s jobless rate increased to 5.2%, marking the first rise since August 2022. Statistics Canada reported a modest loss of 17,000 jobs, resulting in overall employment remaining unchanged. Economists have been monitoring the labour market to identify any indication of softening. TD director of economics, James Orlando, questioned whether the decline was a one-off or the start of a trend. The job report followed the Bank of Canada’s decision to raise its interest rate by a quarter of a percentage point to 4.75%, prompted by strong economic data, including a resilient labour market.