Canada’s jobless rate at record low 5.3% as economy adds 72,500 jobs

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OTTAWA — Canada’s unemployment price fell to five.3% in March, the bottom stage on document, highlighting the tightening of the nation’s labour market, Statistics Canada information confirmed on Friday, with the economic system including a internet 72,500 jobs.

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The job achieve was barely beneath analyst predictions of 80,000, whereas the unemployment price met expectations.

“Employment progress continues to outpace inhabitants progress as (the) labour market tightens,” mentioned Statscan. Since September 2021, Canada has added 463,000 jobs, however simply 236,000 new working age individuals, the company mentioned.

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Job features had been solely in full-time work, up 93,700, with part-time work falling by 20,300. Employment rose in each the companies sector and the products sector, led by lodging and meals companies and development.

Canada’s employment price, a ratio that accounts for inhabitants progress and never simply internet job features, hit its pre-pandemic stage for the primary time in March.

By comparability, the employment price in the US continues to be 1.1 share factors beneath its February 2020 stage, Statscan mentioned.

A document variety of Canadians companies say intense labour shortages and ongoing provide chain points are hurting their capacity to develop capability to satisfy booming demand, in line with a Financial institution of Canada survey this week.

The Canadian greenback steadied at 1.2588 to the buck, or 79.44 U.S. cents after the roles information, almost unchanged on the day.