Modest gains push rate down to 7.4 per cent
Canada’s unemployment rate hit its lowest level in two years last month, falling to 7.4 per cent, down 0.2 points from April. The news wasn’t all good, however—since the economy added a modest 22,300 jobs, the decline in unemployment was mostly attributed to fewer people looking for work. Still, employment has grown by 273,000 jobs over the past year and job growth has averaged 32,700 a month so far this year.