1.3 million people jobless in Canada as unemployment up nationally and in BC

Canada’s unemployment rate increased to 6.1 per cent in March, according to Statistics Canada.

It was 5.8 per cent in February.

In March, 1.3 million people were classed as unemployed.

StatCan said the 0.3 percentage-point jump is the largest increase since the summer of 2022. There were nearly 250,000 more unemployed people last month compared with a year previously.

On an annual basis, the rate increased by one percentage point.

In British Columbia, the rate was 5.5 per cent in March, up from 5.2 per cent in February.

In Kelowna, however, the rate declined slightly, going from 5.5 per cent to 5.4 per cent.

Vancouver also saw a decline (5.6 per cent to 5.4 per cent), while Victoria (4.3 per cent to 4.8 per cent) and Abbotsford-Mission (4.3 per cent to 4.5 per cent) saw increases.

StatCan said that, nationally, the economy lost 2,200 jobs in March.

Young people have been particularly affected, with employment declining by 28,000 among 15–24-year-olds.

That age group’s jobless rate was 12.6 per cent in March.

StatCan said accommodation and food services lost 27,000 jobs last month, while wholesale and retail lost 23,000 and professional, scientific and technical services lost 20,000.

Health care and social assistance fared much better, adding 40,000 jobs.

Hourly wages increased by 5.1 per cent year-over-year, to $34.81.

The jobs figures come days before the Bank of Canada announces its next interest rate decision on Wednesday.

Most analysts expect a cut to the rate, which is at five per cent, sometime this summer.

The Bank has repeatedly said that Canada’s surging population has outstripped the supply of jobs in the economy.

The country’s population grew by 1.27 million people in 2023.

Justin Trudeau said this week that the huge numbers of newcomers were “driving down wages” and pledged to get immigration “back under control.”