Economy added 35,000 jobs in March, unemployment rate still hovering near record low

April 10, 2023 – The Canadian economy added 35,000 jobs last month. Jobs were lost in construction, and March marked the fourth consecutive month the unemployment rate has held at five per cent, hovering near record lows.

The Statistics Canada report showed those who are unemployed were less likely to stay out of work for a long time. The percentage of those who were unemployed in March that had been out of work for 27 weeks or more was 16 per cent, down from 20.3 per cent a year earlier.

Recent surveys released by the central bank earlier this week showed consumers and businesses are preparing for that slowdown. Consumers said they’re planning to pull back on spending, while businesses are anticipating sales to slow. That pullback is expected to filter through to the labour market and lead to a rise in unemployment.

This report by The Canadian Press was first published April 6, 2023.