Canada loses 84,000 jobs in February as unemployment rate rises to 6.7%

Canada’s economy lost 84,000 jobs in February, pushing the national unemployment rate up by 0.2 percentage points to 6.7 per cent, according to new data released Friday by Statistics Canada.

The agency said the drop represents the largest monthly employment decline outside the COVID-19 lockdown period in about 17 years. Job losses were recorded across both goods-producing and service-producing sectors.

Retail and wholesale trade alone saw about 18,000 positions disappear during the month, the report said. Employment losses were particularly concentrated among men aged 25 to 54 and youth between 15 and 24 years old.

Economists say uncertainty in international trade may be contributing to the slowdown in hiring. Tariffs imposed by the United States under former president Donald Trump on key sectors such as steel, automobiles, lumber and copper have created pressure on industries tied to exports.