Canada created 95,000 new jobs in May, the biggest monthly gain since 2002, and most were full-time positions in the private sector, Statistics Canada (Statscan) said Friday in a report showing the economy may be gaining momentum.
The strong May performance, which far surpassed market expectations for a 15,000 gain, came after only 12,500 net jobs were created in April. The May data brings the average monthly employment growth to 19,000 over the past six months. The unemployment rate fell to 7.1 percent from 7.2 percent in April.
Nearly 77,000 full-time positions were added in May, and almost 95,000 jobs were in the private sector, Statscan said. The construction sector had the most hiring, adding nearly 43,000 jobs. The manufacturing sector posted a job loss.
Following release of the report, the Canadian dollar hit its strongest level against the U.S. dollar since mid-May.