Canada’s unemployment rate surged to 6.1% in March, driven largely by population gains outpacing job growth.
Statistics Canada reported a net loss of just 2,200 positions in March, but rise in the national unemployment rate to a two-year high of 6.1%, up from 5.8% in February. A consensus of economist forecasts had expected a reading of 5.9%.
The job losses were concentrated to three provinces, Quebec (-16,700), Saskatchewan (-9,900) and Manitoba (-2,700), while all of the other provinces saw job growth, led by Ontario (+56,600).
“The big story is the rising jobless rate, resulting from strong population/labour force flows that even solid job gains aren’t absorbing,” noted BMO senior economist Robert Kavcic.
In 2023, Canada’s population grew faster than it has at any other time since 1953, surging 3.2% to 40,769,890 as of…
