| 3 March 2024, Sunday |

Canada adds fewer jobs than expected in April, jobless rate dips to 5.2%

The Canadian economy added much fewer jobs in April than projected, despite the unemployment rate fell to a new record low of 5.2 percent and the labor market remained extremely tight, according to Statistics Canada data released on Friday.

After adding over 400,000 net jobs in the previous two months, Canada only added 15,300 net positions in April, significantly less than analyst projections of 55,000. Part-time employment grew at a faster rate than full-time employment.

Despite the disappointing overall gain in employment, labor force participation hit a fresh high among core-age workers.

“A number of signs have pointed to an increasingly tight labor market in recent months,” Statscan said, noting the number of part-time workers who say they would prefer full-time work has fallen to its lowest level on record.

Still, employment fell in the goods producing sector, led by construction jobs. That decline was offset by a gain in service sector jobs, driven by professional, scientific and technical services and information, culture and recreation.

The average hourly wage of permanent employees rose 3.4%, down from a 3.7% gain in March.

The Canadian dollar was trading nearly unchanged at 1.2831 to the U.S. dollar, or 77.94 U.S. cents.

  • Reuters