Canadian employers continued to create jobs in March with 34,700 jobs added, Statistics Canada reported Thursday. On the other hand, the unemployment rate remained close to a record low for the fourth month in a row. This brings an indication of continued labor market strength despite concerns about an economic slowdown.
The economy gained 34,700 net jobs, almost entirely in the private sector, and the unemployment rate remained steady at 5.0%, Statistics Canada reported.
Analysts polled by Reuters forecast that 12,000 net jobs would be gained in March and that the unemployment rate would rise to 5.1% from 5.0% in February.
Employment gains last month were driven by the services sector, which added 75,500 net jobs, mostly in transportation and support services. The addition more than offset a decline of 40,900 jobs in the goods sector, led by job losses in construction and natural resources.
The central bank has predicted the labor market will slow in the coming months as higher borrowing costs roil the economy.
