Canada’s youth hammered as unemployment rate reaches 9-year high

Reuters

Canada’s May unemployment rate at multi-year high

OTTAWA (Reuters) -Canada’s unemployment rate in May jumped to its highest level in almost nine years, excluding the peak of the COVID-19 pandemic, with 1.6 million jobless people in the country, data showed on Friday. The unemployment rate ticked up to 7% in May from 6.9% in April, a third consecutive monthly increase, Statistics Canada said, adding that the total of jobless people in May was almost 14% higher than a year ago. This level of unemployment was last seen in September 2016 after the COVID-era unemployment numbers of 2020 and 2021 are excluded, StatsCan said.