Canada Adds 88,000 Jobs in May as Unemployment Falls to 6.6 Per Cent

Statistics Canada reported the Canadian economy added 88,000 jobs in May, far exceeding economists' expectations of a 10,000-job increase. The national unemployment rate fell three-tenths of a percentage point to 6.6 per cent. RBC assistant chief economist Nathan Janzen said labour markets continue to show broad improvement despite month-to-month volatility.

Post workers voted to accept a new contract after more than two years of negotiations. The Canadian Union of Postal Workers said 86 per cent of rural and suburban carriers and 89 per cent of urban workers approved the deal. The agreement provides wage increases of 6.5 per cent and 3 per cent in the first two years, followed by inflation-linked raises in years three through five.

Bill C-34 also imposes a duty on AI chatbot operators to act responsibly. Prime Minister Mark Carney announced more than $3 billion over 10 years for a national food security strategy aimed at increasing domestic production and distribution.

Israel and Iran Exchange Strikes; U.S.

The exchange occurred on the 100th day of the Iran conflict. U.S. President Donald Trump said he wanted both sides to return to negotiations. The U.S. military reported an Apache helicopter crashed near the Strait of Hormuz after colliding with an Iranian drone.

Pakistan later said the U.S. and Iran reached an agreement to end hostilities and reopen the strait, with a signing ceremony planned in Switzerland.

Carney said Canada will introduce legislation to remove forced labour from supply chains. Alberta Premier Danielle Smith visited Quebec City to promote economic cooperation in energy, agriculture and critical minerals. Vancouver ranked first and Toronto third among 16 World Cup host cities in a Sports Illustrated evaluation.