Canadian businesses continued to hire at the same rate in February, but the unemployment rate went up due to ongoing population growth, according to Statistics Canada on Friday.
The organization reported that 41,000 new jobs were created last month, mainly in full-time positions, resulting in a rise in the unemployment rate to 5.8 per cent.
This follows a 0.1 percentage point decrease in the unemployment rate in January.
According to StatCan, employment growth was seen across various industries in the services sector in February.
The Bank of Canada has been monitoring any softening in the job market and a slowdown in wage growth as it assesses the duration for which it needs to maintain its benchmark interest rate at a high level. The central bank kept its policy rate unchanged on Wednesday and mentioned that it’s “too early” to reduce rates.
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