Canada Unexpectedly Sheds Jobs, Unemployment Rises to 6.1% [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Canada's labor market unexpectedly lost jobs and the unemployment rate jumped to the highest level in more than two years, signaling greater slack in the economy that will test the central bank's patient stance on rate cuts. The country shed 2,200 jobs in March and the unemployment rate rose 0.3 percentage points to 6.1%, Statistics Canada reported Friday in Ottawa. The figures missed expectations for a gain of 25,000 positions and a jobless rate of 5.9%, according to the median estimate in a Bloomberg survey of economists. Article content Article content This is the first job loss since July and the highest unemployment rate since January 2022. Outside of the Covid pandemic, Canada hasn't had a jobless rate above 6% since 2017. US data released at the same time showed the country added 303,000 jobs in March, beating estimates. After the repor
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