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Employment rises by 90,000 in April, jobless rate unchanged at 6.1%



In April, Canadian job seekers found reason to celebrate as employers across the country opened their doors to a staggering 90,000 new positions, marking the most significant surge in employment seen in over a year.


According to the latest labor force survey released by Statistics Canada on Friday, the jobless rate remained steady at 6.1 percent throughout the month. However, the notable uptick in employment was largely propelled by part-time opportunities.


This surge in hiring comes amidst a broader economic landscape where the Canadian job market had notably cooled down over the past year. Factors such as the Bank of Canada's series of interest rate hikes had put a dampener on economic growth, contributing to the rise in the unemployment rate by a full percentage point compared to the same time last year, a trend exacerbated by rapid population growth outpacing job creation.


Furthermore, the data reveals a concerning trend of increased unemployment across all major demographic groups, with youth facing the brunt of the impact.


Notable sectors witnessing employment growth included professional, scientific, and technical services, accommodation and food services, health care, social assistance, and natural resources. However, the utilities industry saw a decline in employment.


Despite the surge in job opportunities, wage growth experienced a slight slowdown, with the annual pace dropping to 4.7 percent from 5.1 percent in March.


The report holds significant implications for the upcoming decisions of the Bank of Canada, particularly regarding its interest rate policies. Economists anticipate a potential shift in June or July, with the central bank closely monitoring April's inflation data to inform its decision-making process. Currently, the Bank of Canada's key interest rate stands at five percent, its highest level since 2001.


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