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Labour market gains 41K jobs in Canada, supports Bank of Canada holding rates for longer

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Statistics Canada said February's increase in the labour market was driven by a rise in full-time work.

Canada’s labour market added a net 40,700 jobs in February and the unemployment rate edged up to 5.8 per cent, according to Statistics Canada. Canada’s labour market added a net 40,700 jobs in February and the unemployment rate edged up to 5.8 per cent, according to Statistics Canada.

Economists say the better-than-expected data affirm that the Bank of Canada will keep to the sidelines when it comes to loosening monetary policy. This week, the Bank of Canada opted to hold its benchmark interest rate at 5 per cent for the fifth consecutive time, with. However, Macklem noted in a statement on Wednesday that the labour market in Canada was "coming into better balance" and that the central bank would be looking for further evidence that wage growth is moderating.

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