Connect with us


Employment rises by 90,000 in April, jobless rate unchanged at 6.1%



Employment rises by 90,000 in April, jobless rate unchanged at 6.1%

Canadian employers added 90,000 jobs in April, marking the largest employment gain in more than a year.

Statistics Canada released its labour force survey on Friday, which says the jobless rate held steady at 6.1 per cent last month.

The agency says the April employment gains were driven by part-time work.

The Canadian job market has cooled significantly over the last year as the Bank of Canada’s interest rate hikes have weighed on economic growth.

The unemployment rate is up a full percentage point from a year ago as population growth has outpaced job creation.

The data notes unemployment is up across all major demographic groups, with youth taking the largest hit.

The April employment gain was the largest monthly increase since January 2023.

Employment increased in professional, scientific and technical services, accommodation and food services, health care and social assistance as well as natural resources.

Employment fell in the utilities industry.

Wage growth slowed last month to an annual pace of 4.7 per cent, down from 5.1 per cent in March.

The Bank of Canada will have an eye on Friday’s data as it gears up for its interest rate decision in June.

Economists are widely expecting the central bank to begin lowering its policy rate in June or July, with that decision highly dependent on the April inflation reading.

The Bank of Canada’s key interest rate currently sits at five per cent, the highest it’s been since 2001.

Continue Reading