Canada's unemployment rate increased to 6.1% in March as more individuals sought employment in an economy grappling with high-interest rates. Statistics Canada reported a decline in employment in sectors such as hospitality, food, wholesale and retail trade, and professional, scientific, and technical services.
Despite these declines, job growth was observed in health care and social assistance. Additionally, the average hourly wage rose by 5.1% in March compared to the same period in 2023. However, the employment rate, which represents the segment of the population aged 15 and over who are employed, fell for the sixth consecutive month to 61.4%, attributed in part to a population boom.
The increase in unemployment is occurring alongside high borrowing costs affecting businesses and strong population growth, which continues to add to the country's labor supply. Compared to the previous year, the unemployment rate rose by one percentage point.
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