The Canadian economy experienced a significant job loss in March, with 33,000 jobs lost, the largest loss since January 2022. The unemployment rate rose slightly to 6.7% in March from 6.6% in February. The overall decrease was partly offset by a gain in part-time employment. The data shows a reversal of some of the job growth that came at the end of last year and into January. The hit came amid increased uncertainty caused by U.S. tariffs that have threatened economic growth.
RSM Canada economist Tu Nguyen said the result was a glimpse of what may be in store as the trade dispute with the U.S. ramps up and the country faces the possibility of a recession. Some manufacturing plants, especially in auto production, have already laid off their workers. Automaker Stellantis confirmed that they will be halting production at their Windsor, Ontario, assembly plant for two weeks in April, affecting 3,200 Canadians.
StatsCan’s data showed that the wholesale and retail trade sector lost 29,000 jobs in March, while the information, culture, and recreation sector lost 20,000 jobs, the agriculture sector lost 9,300, and the “other services” sector added 12,000 jobs. Utilities added 4,200. Total hours worked were up 0.4% in March, following a drop of 1.3% in February. Average hourly wages among employees also rose 3.6% on a year-over-year basis in March.
Source: CBC
Source: Financial Post
Source: The Star
