Canada’s unemployment price rises to six.1%

Canada’s unemployment price jumped to six.1 per cent in March as extra individuals appeared for work in an economic system slowed down by high-interest charges.

In a press release launched on Friday, April 5, Statistics Canada mentioned employment declined within the hospitality and meals sectors, in wholesale and retail commerce and within the skilled, scientific and technical companies sectors.

Jobs have been added in well being care and social help, and the typical hourly wage rose 5.1 p.c in March, in contrast with the identical interval in 2023.

The employment price, the phase of the inhabitants aged 15 and over who’re employed fell for the sixth month in a row attributable to a inhabitants increase and now stands at 61.4 p.c.

The bounce in unemployment comes as excessive borrowing prices weigh on companies and powerful inhabitants progress continues so as to add to the nation’s labour provide. The unemployment price was up one proportion level on a year-over-year foundation.