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Job growth stalls in March

Jobs growth stalls in March for the first time in 7 months as jobless rates steady at 5.8%. Housing markets continued weak in March, particularly in the Vancouver region.

 

The employment report had long been a lone bright spot in an economy that had sunk across the board, so the March slump is not surprising. According to today’s jobs report from Statistics Canada, employment fell by 7,200 last month, mostly in full-time positions in the service sector. Canada’s jobless rate held steady at 5.8%, close to a multi-decade low and wage growth ticked modestly higher, although, at a 2.4% year-over-year gain, it remains lower than the reading earlier this cycle.

Employment was up 290,000 over the prior six months, so it was only a matter of time that the jobs numbers would reflect the weakness in the overall economy.

Provincial Unemployment Rates
(% 2019, In Ascending Order)
Province Mar Feb
British Columbia 4.7 4.5
Saskatchewan 4.9 5.8
Manitoba 5.0 5.3
Quebec 5.2 5.3
Ontario 5.9 5.7
Nova Scotia 6.2 6.4
Alberta 6.9 7.3
New Brunswick 7.9 8.5
Prince Edward Island 8.9 10.3
Newfoundland and Labrador 11.5 11.8

Post April 5th, 2019