Canadian economy lost 33,000 jobs in March, biggest loss since 2022

CITYnews halifax / By Craig Wong, The Canadian Press

The economy shed 33,000 jobs in March, the biggest loss since January 2022, while the unemployment rate ticked higher, Statistics Canada said Friday.

The agency said the unemployment rate for March rose to 6.7 per cent compared with 6.6 per cent in February.

The hit came amid increased uncertainty caused by U.S. tariffs that have threatened economic growth.

The job losses reversed some of the gains made at the end of last year and into January.

TD Bank senior economist James Orlando said the impact of trade tariffs appears to be working its way through the economy.

“Businesses and consumers are naturally hesitant in the face of heightened political uncertainty,” Orlando wrote in a note.

“Today’s report reflects this, with full-time jobs in the cyclically sensitive private sector driving the losses.”

StatCan reported 62,000 full-time jobs were lost in the month, partly offset by a gain in part-time employment.

The wholesale and retail trade sector lost 29,000 jobs in March, following an increase of 51,000 in February.

The information, culture and recreation sector lost 20,000 jobs, while the agriculture sector lost 9,300 jobs.

Meanwhile, the “other services” sector, which includes personal and repair services, added 12,000 jobs. Utilities added 4,200 jobs.

Total hours worked were up 0.4 per cent in March, following a drop of 1.3 per cent in February.

Average hourly wages among employees rose 3.6 per cent on a year-over-year basis in March.