OTTAWA — The Canadian economy added 35,000 jobs in March amid strong population growth, keeping the unemployment rate steady at near record lows, even as the economy wrestles with high interest rates.
In its latest labour force survey, Statistics Canada said Thursday the unemployment rate came in at five per cent for the fourth consecutive month.
Statistics Canada said the population grew by 0.3 per cent last month, while employment rose by 0.2 per cent. RBC assistant chief economist Nathan Janzen said what's happening in the labour market is more than"just a population growth story."The Bank of Canada is concerned that if the labour market stays this strong, wages may continue to grow rapidly, something that would make a return to two per cent inflation more challenging.
The Statistics Canada report showed those who are unemployed were less likely to stay out of work for a long time. The percentage of those who were unemployed in March that had been out of work for 27 weeks or more was 16 per cent, down from 20.3 per cent a year earlier. Bernard said job postings on Indeed are still above pre-pandemic levels, but they've fallen by 15 per cent since last year.
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