The Canadian statistics agency confirmed that the unemployment rate rose to 6.2 percent in May, as the economy added 27,000 modest jobs.

The unemployment rate was 6.1 percent in April.

The agency's labor force survey indicates that the Canadian labor market continues to weaken as high interest rates affect consumers and businesses.

The report clarified that among the unemployed in April, a lower percentage found work in the following month compared to the pre-pandemic average for those months.

Wage growth remained strong in May, with the average hourly wage increasing by 5.1 percent compared to last year, reaching $34.94.

The release of the data comes two days after the Bank of Canada decided to cut interest rates for the first time in four years, indicating signs of declining inflation and a weak economy.