Global Markets: Canadian economy adds nearly 240,000 jobs

By MarketsFarm

WINNIPEG, June 5 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

The Canadian economy added 239,600 jobs in May, which beat out expectations for the month. The unemployment rate rose to 13.7 per cent, according to Statistics Canada. Economists predicted 500,000 jobs would be lost, but instead the economy has shown signs of rebounding from the COVID-19 pandemic. Ontario, which has been hit particularly hard by the pandemic, was the only province to lose jobs on the month.

The U.S. economy is also showing signs of recovering from the COVID-19 pandemic, adding 2.5 million jobs in May. The unemployment rate is now 13.3 per cent.

The American Civil Liberties Union, along with several protestors, have filed a lawsuit against United States President Donald Trump and his administration, challenging the use of force against peaceful protestors in Washington, D.C., earlier in the week. The lawsuits says the police had “no legitimate basis to destroy the peaceable gathering,” according to reports.

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