The Canadian economy saw a decline of 2,200 jobs in March, causing the unemployment rate to rise to 6.1 per cent, according to Statistics Canada. This increase from 5.8 per cent in February marks the largest jump in the unemployment rate since the summer of 2022.
The latest labour force survey from the federal agency revealed that employment remained relatively stable last month, with job losses in industries such as accommodation and food services, wholesale and retail trade, and professional, scientific, and technical services. On the other hand, employment saw growth in sectors like health care and social assistance.
The rise in the unemployment rate was attributed to more people actively seeking work or facing temporary layoffs, with an increase of 60,000 individuals in this category. Additionally, average hourly wages increased by 5.1 per cent year-over-year in March, reaching $34.81, following a five per cent growth in February.
Stay tuned for more updates on this developing situation.
