According to the latest Labour Force Survey by Statistics Canada, the Canadian job market remained relatively stable in March, with a minor loss of 2,200 jobs. However, the unemployment rate saw a slight increase to 6.1%, up from 5.8% in February, marking the largest uptick since the summer of 2022.
The survey indicates that employment levels remained largely stagnant last month, following modest gains in previous months. Job losses were primarily observed in sectors such as accommodation and food services, wholesale and retail trade, and professional, scientific, and technical services.
On the flip side, employment saw growth in four industries, notably in healthcare and social assistance, offering a semblance of balance amidst the overall stability.
The rise in the unemployment rate can be attributed to a surge in the number of individuals actively seeking employment or temporarily laid off, totaling 60,000 people.
Despite the relatively unchanged employment figures, there was a notable increase in average hourly wages, which rose by 5.1% in March compared to the same period last year. This uptick follows a five per cent growth observed in February, reflecting positive momentum in wage growth within the Canadian labor market.