Canada’s job engine sputtered in February, adding a paltry 1,100 positions compared to January’s 76,000 haul, per Statistics Canada’s March 7, 2025, update. The unemployment rate didn’t budge from 6.6%, propped up by a population growth slowdown—47,000 new adults, the weakest since April 2022. Economists, expecting 20,000 new jobs, were left scratching their heads.
The gains masked a shuffle: full-time work dropped 19,700, offset by a 20,800 part-time rise. Retail, wholesale, and finance chipped in, but manufacturing bled 4,800 jobs, and Nova Scotia lost 4,200 part-time spots. A snowy February didn’t help—429,000 workers lost hours to storms, quadrupling the five-year norm, while total hours worked tanked 1.3%, the sharpest fall since April 2022.
Wages nudged up to 3.8% year-over-year from 3.5%, but bigger clouds loom. U.S. tariffs hit on March 4, sparking Canadian countermeasures and economic unease. TD Bank’s James Orlando blamed the weather for the slump, though he suspects trade fears are seeping in. He’s optimistic, though—the labor market’s got grit to weather this.
The Bank of Canada’s March 12 rate decision looms large. CIBC’s Andrew Grantham sees this weak report, plus tariff turbulence, nudging the bank toward a 25-basis-point cut. February’s chill could be a sign of frostier times ahead.