Unemployment in Newfoundland and Labrador is at an all-time low. The Statistics Canada reports that the economy nationally added 40,000 jobs in May, due to rising full-time employment as the labor market continued to shrink. The increase comes as the unemployment rate fell to 5.1 percent for the month, the lowest rate since at least 1976. The total gain in employment came as the number of full-time jobs increased by 135,000, but part-time employment decreased by 96,000. In this province, the rate dropped to 10.0 percent, from 10.8 in April. The jobs report follows the Bank of Canada’s decision last week to raise its key interest rate by half a percentage point to 1.5% in a bid to help bring inflation back under control. Annual inflation rose to 6.8 percent in April, the fastest-growing year-on-year in 31 years.
