Uncertainty prevails for business and households in Canada, and surveys indicate companies plan to scale back investment and have dropped hiring plans.

Canada's unemployment rate in May jumped to its highest level in almost nine years outside of the pandemic era with 1.6 million jobless people in the country amid a constrained labor market, data showed on Friday.

The Canadian economy eked out minor job gains, and the unemployment rate rose for a third straight month to the highest level since September 2016 outside of the pandemic.