In March, Canada experienced a notable uptick in its unemployment rate, reaching 6.1% as the job market remained stagnant and more individuals entered the job search. This increase from February’s 5.8% represents the most significant rise in unemployment since the summer of 2022. Despite previous modest gains in employment, the Canadian economy saw a slight decline, losing 2,200 jobs in the last month.
The job losses were primarily in the sectors of accommodation and food services, wholesale and retail trade, and professional, scientific, and technical services. However, there were employment gains in certain areas, notably within the health care and social assistance sector.
The shift in the unemployment rate was largely attributed to an additional 60,000 people either joining the job hunt or being temporarily laid off, according to the latest labour force survey by Statistics Canada. This change reflects the ongoing challenges in the Canadian job market and the economy’s struggle to generate new employment opportunities.
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