Employment falls in PEI as unemployment rate rises to 7.1 percent in May

Statistics Canada says the national unemployment rate ticked up to 6.2 per cent in May as the economy added a modest 27,000 jobs.  The unemployment rate was sitting at 6.1 per cent in April.  The agency’s labour force survey suggests the Canadian job market continues to weaken as high interest rates weigh on consumers and businesses.  The data release comes two days after the Bank of Canada opted to lower interest rates for the first time in four years, citing signs of easing inflation and the weakening economy. Employment in Prince Edward Island fell by 1,100 in May.  The provincial unemployment rate rose to 7.1 percent in May, from 6.8 percent in April.