Canadian Job Gains Stall as Unemployment Rate Hits New Low

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Canada’s labor market stalled even as the jobless rate fell to a new record low, hampered by a dearth of new workers, Bloomberg News reported. The economy added 15,300 jobs in April, Statistics Canada reported Friday in Ottawa, fewer than half the 40,000 gain anticipated by economists. The small increase ended a surge that saw Canada create about 410,000 jobs over the previous two months. The unemployment rate fell to 5.2% in April -- the lowest in data going back to 1976 -- as the economy failed to produce any new growth in the labor force. With employment already well above pre-pandemic levels, economists and policymakers have been anticipating a slowdown in job creation as the nation struggles to find new workers, amid elevated demand from employers. The imbalance between demand and supply of jobs is a primary reason why the Bank of Canada is tightening monetary policy. Canada’s economy has added almost 1 million jobs over the past year, with employment nearly half a million above February 2020 levels. Read more.
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