Apr 06, 2023
By Jane Brown
We Canadians are getting a snapshot of the latest jobs picture in Canada, now that Statistics Canada has released its report for March.
The economy added 35,000 jobs last month and the unemployment rate held steady at 5 percent.
According to the report, job gains were made primarily in the private sector, with employment up in transportation and warehousing, business, building and other support services, as well as finance, real estate, rental and leasing. At the same time, jobs were lost in construction, natural resources and other services.
And with employers hiring, wages continued to grow in March, with average hourly wages up 5.3 percent on an annual basis.
The Canadian labour market has been tight for months, despite high interest rates and an economy expected to slow this year.
March marks the fourth consecutive month the unemployment rate has held at five per cent, hovering near its record low.
The Canadian economy is expected to slow down significantly this year, but so far, the labour market has shown no signs of weakness.
The Bank of Canada, which is on mission to bring down inflation, is hoping to see easing in the labour market over the coming months.
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