Canadian Economy Adds Just 1,100 Net Jobs in February

The Canadian economy added only 1,100 net jobs in February, all of which were part-time positions. According to a report released today by Statistics Canada, the labour market remained sluggish last month, with the unemployment rate holding steady at 6.6 percent. This followed a more robust gain of 76,000 jobs in January.

Statistics Canada reported that Canada lost 19,700 full-time jobs in February, which was offset by the addition of 20,800 part-time jobs, resulting in the modest net increase of 1,100 jobs.

The wholesale and retail trade sector, along with the finance, insurance, real estate, rental, and leasing industry, led the job gains in February. This report marks the last major data release before the Bank of Canada’s interest rate decision on March 12. The currency swap market is currently indicating a 73 percent chance of an interest rate cut.