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Canada Unemployment Climbs As Population Growth Most Since 50's

CANADA DATA
  • Canada March unemployment +0.3 pp to 6.1% versus 5.9% expected as the labour force expanded by +57.7K. 
  • Employment -2.2K vs -20.4K expected with mild decreases in both full and part time jobs.
  • Average hourly wages still elevated, rising +5.1% YOY after +5% in Feb. 
  • The employment rate fell by almost a percentage point from the year before and posted its 6th consecutive decrease. Employment growth has been outpaced by annual population growth of +3.2%, the fastest since 1957.
  • The proportion of workers who were unemployed in the current month and the month before increased by +4.4 pp in March compared to Feb. 
  • Average hours worked were unchanged in March, but up +0.7 YOY.
  • The Jobs Report is the last major release before the BoC's interest-rate decision on the 10th of April. 
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