Statistics Canada is set to release its latest reading on the jobs market for the month of February today. A cyclist moves past a jobs advertisement sign in Toronto on Wednesday, April 29, 2020. THE CANADIAN PRESS/Nathan Denette
OTTAWA – Statistics Canada says the economy added 41,000 jobs in February, following a similar gain in employment the previous month.
The agency’s labour force survey says the unemployment rate ticked up to 5.8 per cent, hovering around pre-pandemic levels.
The report comes as high interest rates are putting a drag on the economy, but strong population growth appears to be offsetting some of those effects, including in the labour market.
The employment rate ““ which represents the proportion of Canadians aged 15 years and older who are employed ““ fell for a fifth month in a row.
That’s the longest period of consecutive decreases since the six-month period ending in April 2009.
The report attributes this downward trend in the employment rate to rapid population growth in the country.
This report by The Canadian Press was first published March 8, 2024.
