The unemployment rate in Newfoundland and Labrador is at its lowest level in years.
Statistics Canada says the nationwide economy added 40,000 jobs in May, driven by a rise in full-time employment as the labor market continued to tighten.
The increase comes when the unemployment rate fell to 5.1% during the month, the lowest rate since at least 1976.
The overall increase in employment occurred when the number of full-time jobs increased by 135,000, but part-time employment fell by 96,000.
In this province, the rate fell to 10.0 percent from 10.8 in April.
The employment report follows the Bank of Canada’s decision last week to raise its key interest rate by half a percentage point to 1.5 per cent in an effort to help control inflation.
The annual rate of inflation rose to 6.8% in April, the fastest year-on-year increase in 31 years.