jamdesign / Depositphotos.com
Canada’s unemployment rate climbed to 6.9 per cent in April, reaching its highest level in six months as the economy lost jobs and signs of weakness continued to build in the labour market.
New figures released by Statistics Canada show the economy lost a net 17,700 jobs last month, surprising analysts who had expected modest job growth.
The increase pushed the national unemployment rate up from 6.7 per cent in March.
The losses were concentrated entirely in full-time work, which declined by 46,700 positions. That was partially offset by a gain of 29,000 part-time jobs.
Statistics Canada says full-time employment has now fallen by roughly 111,000 positions since January.
The goods-producing sector, which includes industries more heavily exposed to U.S. tariffs and trade disruptions, lost nearly 27,000 jobs in April.
Meanwhile, the services sector posted a smaller gain of about 9,000 jobs.
Youth unemployment also rose sharply, reaching 14.3 per cent, while unemployment among core-aged workers between 25 and 54 climbed to six per cent.
The labour force participation rate edged slightly higher to 65 per cent, suggesting more Canadians were actively looking for work despite the weaker hiring environment.
Average hourly wages for permanent employees rose 4.8 per cent compared to a year ago, slowing slightly from March.
The latest report comes as the Bank of Canada continues to monitor signs of weakness in the labour market.
In its most recent monetary policy report, the bank said indicators including hours worked, employment rates and job vacancies point to growing slack in the economy, though layoffs have remained relatively modest so far.
Comments