Canada's Unemployment Rate Climbs to 6.1% Amidst Job Losses

March sees a slight dip in employment and wage growth continues, signaling mixed signals for the economy.

Canada's economy lost 2,200 jobs in March, with notable job losses in accommodation and food services, wholesale and retail trade, and professional, scientific, and technical services.
The unemployment rate rose to 6.1%, the highest level in over two years, as more people searched for work or were temporarily laid off.
Average hourly wages increased by 5.1% year-over-year in March, indicating continued wage growth despite the job losses.
The job market's weakness may prompt the Bank of Canada to consider interest rate cuts, with some economists expecting a move as early as June.
Regional disparities in unemployment rates were observed, with some cities experiencing higher rates, such as Toronto and Windsor at 7.5%.