OTTAWA — Canada’s unemployment rate jumped to 6.1 per cent in March as more people looked for work in an economy bogged down by high interest rates.
Statistics Canada’s labour force survey on Friday shows the figure is up from 5.8 per cent in February and marks the largest increase in the unemployment rate since summer 2022.
Employment was little changed last month, with the economy shedding 2,200 jobs, after modest increases over the last several months.
“The cracks that had been emerging within the Canadian labour market suddenly got a lot wider,” wrote CIBC’s executive director of economics, Andrew Grantham, in a client note.
The jump in unemployment
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