Canada adds 14,100 jobs in March; unemployment 6.7%

Statistics Canada reported Friday that Canada added 14,100 jobs in March while the unemployment rate remained at 6.7% and average hourly wages rose 4.7% year-over-year to $37.73. The data come from the monthly Labour Force Survey, which surveys roughly 56,000 households and is released in early April.

Full-time employment fell by about 1,100 positions in March while part-time employment increased by 15,200. Labour force participation was unchanged at 64.9%. The monthly gain was smaller than a consensus estimate of 150,000 and followed a sharp downward revision to February’s employment figures.

On a sector basis, other services, a category that includes repair and maintenance, added about 15,000 jobs in March, reversing a similar-sized drop in February. Natural resources employment rose by roughly 10,000, with nearly half that increase occurring in Alberta. Jobs in finance, insurance, real estate, rental and leasing declined by about 11,000, marking its first notable monthly fall since November 2023.

Year-over-year industry trends showed health care and social assistance added about 94,000 jobs, the largest annual gain among industries. Manufacturing recorded the largest annual decline, down roughly 44,000 positions from a year earlier.

Employment varied by age. Unemployment among core-age workers (25–54) held at 5.8%. Youth unemployment remained at 13.8% and the rate for workers 55 and older was about 4.9%, lower than a year earlier.

Provincial results were mixed. British Columbia lost about 19,000 jobs and its unemployment rose to 6.7%. Manitoba and Saskatchewan added roughly 11,000 and 5,800 jobs respectively, with Saskatchewan reporting an unemployment rate near 5.0%. Ontario’s employment was broadly unchanged and its unemployment stayed around 7.6%. Quebec’s employment was steady and its unemployment rate slipped to about 5.4%.

Statistics Canada noted that after adjusting for shifts in the composition of employment, underlying wage growth is closer to roughly 3.6%. The Bank of Canada monitors the Labour Force Survey when assessing monetary policy, and current market pricing does not reflect additional rate cuts by the central bank.