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Bank of Montreal
Symbol BMO
Shares Issued 722,070,767
Close 2025-06-06 C$ 148.29
Market Cap C$ 107,075,874,038
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Globe says BMO's Porter sees unemployment rising

2025-06-09 08:33 ET - In the News

The Globe and Mail reports in its Saturday edition that some economists say Canada's labour market is weakening but not collapsing as Statistics Canada finds job growth has stalled since the start of the year. A Canadian Press dispatch to The Globe says Canada's jobless rate rose one-10th of a percentage point to 7 per cent in May amid a gain of 8,800 jobs in the month, Statscan said Friday. That is up from 6.6 per cent at the start of the year and marks the highest unemployment rate since 2016 outside the pandemic years. "Overall, there has been virtually no employment growth since January," Statscan said in a release. That comes after gains of 211,000 net jobs from October through January. BMO chief economist Doug Porter said in a note that this jobs report gets a "passing grade" because of the full-time and private-sector gains. But he said the latest labour force survey shows the U.S. trade dispute is putting "intense strain" on some parts of the economy. The manufacturing sector, which was hard hit in April, shed 12,200 jobs in May. Transportation and warehousing also saw losses. Mr. Porter noted the current jobs market is a sharp contrast from two to three years ago when it was hard for businesses to find workers.

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