Canada’s labour market took an unexpected dip in March as employment fell by 33,000 jobs, according to new data released by Statistics Canada. The national unemployment rate edged up to 6.7%, marking a 0.1 percentage point increase from the previous month.
The figures came as a surprise to many, as economists surveyed by Reuters had predicted a modest gain of 10,000 jobs and a corresponding uptick in the unemployment rate to 6.7%.
This marks another sign of economic softness as sectors like manufacturing and natural resources face headwinds from shifting global demand and domestic uncertainties.