In March 2023, the Canadian labor market saw an increase of 64,000 jobs, leading to a decrease in unemployment rate to 6.8 per cent.
According to the recently released Labour Force Survey data for March by Statistics Canada, the unemployment rate remained at 5.0 per cent for the fourth consecutive month. This is just slightly above the record low of 4.9 per cent observed in June and July of 2022.
The Canadian economy gained 35,000 jobs while the unemployment rate remained steady due to strong population growth.
The number of unemployed people who had been out of employment for 27 weeks or more reduced from 20.3 per cent to 16 per cent in March compared to the same month last year, the report claims.
In contrast, employment increased by 0.2 per cent last month, according to Statistics Canada, while the population grew by 0.3 per cent.
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