Business and Economy
Canada’s labour market at a standstill in February, with unemployment unchanged, few jobs added
By Jenna Benchetrit, CBC News, RCI
Canada’s unemployment rate was unchanged in February, holding steady at 6.6 per cent while the economy added few jobs, Statistics Canada said on Friday. Photo: CBC / Katherine Holland
Jobless rate held steady at 6.6% last month
Canada’s unemployment rate was unchanged in February, holding steady at 6.6 per cent while the economy added few jobs, Statistics Canada said on Friday.
Job growth barely changed from the previous month, with just 1,100 jobs added — much lower than the 20,000 expected by economists polled by Reuters.
Employment rose in wholesale and retail trade, and in finance, insurance, real estate, rental and leasing. Jobs declined in professional, scientific and technical services, and in transportation and warehousing.
Average hourly wages rose 3.8 per cent in February compared to the same period a year earlier.
The snowstorms that swept across much of the country last month also led to a decline in the total amount of hours worked, falling 1.3 per cent from the previous month — the largest decrease since April 2022.
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A total of 429,000 employees lost work hours due to the weather for part of the week between Feb. 9 and 15, not seasonally adjusted, the data agency said.
Youth unemployment, which trended upwards for much of 2023 and 2024, fell to 12.9 per cent in February after a similar decline in January. The number of unemployed young people looking for jobs fell by 9.3 per cent over those two months.
Jobless rate held steady at 6.6% last month Photo: Statistics Canada (Graeme Bruce/CBC)
This article is republished from RCI.
