Canada added 337,000 jobs final month, greater than double anticipated

Canada’s job market made a large comeback in February, combining the losses introduced by the Omicron variant with a hiring surge that was sufficient to push the unemployment fee right down to the place it was earlier than the pandemic started.

Statistics Canada reported Friday that Canada added 337,000 new jobs in February, lowering the unemployment fee to five.5 %.

That is decrease than the 5.7 per cent unemployment fee seen in February 2020 earlier than the appearance of COVID-19. That is additionally shy of the all-time file low of 5.4 per cent reached in Could 2019.

A wave of lockdowns aimed toward slowing the unfold of the Omicron model resulted in vital job losses in January, however February’s development was greater than sufficient to offset it.

look | What number of jobs Omicron has given to the Canadian economic system:

What number of jobs did Omicron present to Canada?

Whereas Canada misplaced 200,000 jobs to Omicron in January, economists say the longer term ought to look vivid because the pandemic rages on, stories Alison Northcott.

With the addition of 114,000 new jobs within the meals and housing sectors, sectors most affected by COVID have returned.

“As Canadians moved out of their houses once more in February, companies in housing and meals companies and data, tradition and leisure have been scrambling to re-hire staff,” stated economist Royce Mendes with Desjardins.

There are indicators of restoration on all numbers. Complete hours labored elevated by 3.6 % in February, sufficient to finally put the determine above the place it was earlier than the pandemic.

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