Canada’s labor market delivered a sharp disappointment in March, with employment falling by -32.6k, well below expectations of a 10.4k gain.
This marked the first monthly job loss since January 2022 and was driven by a steep decline in full-time positions, which dropped by 62k. Employment rate dipped 0.2 percentage points to 60.9%.
The unemployment rate ticked up to 6.7%, in line with expectations. Wage growth slowed to 3.6% yoy from 3.8% yoy in February.
