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Expand chart
Data: Statistics Canada; Chart: Axios Visuals

The Canadian economy added 27,700 jobs in May, bringing the year-over-year job gains to 453,100, and pushing the unemployment rate to 5.4%, the lowest level since 1976.

But, but, but: Canada's economy grew at an annualized pace of just 0.4% in the first quarter, following 0.3% growth in the fourth quarter of 2018, giving the country its weakest back-to-back quarters of growth since 2015.

  • Canada's household savings rate fell to 1.1% in the first quarter. That's 5.6% below the U.S. savings rate, the widest the disparity has been since the 1970s.
  • Canada's ratio of debt to income reached 176% in the fourth quarter, among the highest in the developed world, and 24 percentage points higher than the U.S. rate.

On the bright side: The Bank of Canada forecasts a rebound in the second half of the year with Canada’s GDP expected to grow by 1.2% this year, wages are rising and consumers are growing less pessimistic about the economy.

Go deeper: 2018's escalating exodus of U.S. tech workers to Canada

Go deeper

CDC director warns "now is not the time" to lift COVID restrictions

CDC director Rochelle Walensky warned states on Monday that "now is not the time" to lift public health restrictions, as the recent dramatic declines in coronavirus cases and deaths "appear to be stalling."

Why it matters: While the average of 70,000 new infections and 2,000 daily deaths is nowhere near the extremely high levels recorded at the start of 2021, the figures are still a poor baseline to "stop a potential fourth surge" — especially with the threat posed by more contagious new variants, Walensky warned.

Sen. Elizabeth Warren introduces "ultra-millionaire" wealth tax bill

Photo: Greg Nash-Pool/Getty Images

Sen. Elizabeth Warren (D-Mass.) on Monday introduced a bill in the Senate that would impose a new tax on the assets of America's wealthiest individuals.

Why it matters: The plan, which Warren introduced along with Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.) is similar to a proposal that was the centerpiece of Warren's campaign for the presidency in 2020.

2 hours ago - World

Former French President Sarkozy sentenced to jail for corruption

Nicolas Sarkozy, 2011. Photo: XINHUA/Gamma-Rapho via Getty Images

A court in Paris on Monday sentenced former French President Nicolas Sarkozy to one year in prison and a two-year suspended sentence after he was found guilty of trying to bribe a magistrate, AP reports.

Driving the news: Sarkozy, who was president from 2007 to 2012, is the first president in France’s modern history to have gone on trial for corruption, per AP. He was charged with corruption and influence-peddling.

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