Canada sheds 7,200 new jobs in March; unemployment rate remains at 5.8 percent

Statistics Canada reported on Friday that the number of employed people fell by 7,200 m-o-m in March, while economists had forecast a gain of 1,000 and after an unrevised advance of 55,900 in the previous month. That was the first drop in employment since August 2018.

Meanwhile, Canada's unemployment remained at 5.8 percent, matching economists’ forecast.

According to the report, full-time employment decreased by 6,400 in March, while part-time jobs declined by 900.

In March, the number of private sector employees fell by 17,300 (-0.1 percent m-o-m), while the number of public sector employees grew by 4,200 (+0.1 percent m-o-m). At the same time, the number of self-employed increased by 6,000 (+0.2 percent m-o-m) last month.

Sector-wise, there were more people working in the finance, insurance, real estate, rental and leasing industry (+13,300), and in public administration (+9,600). At the same time, employment declined in health care and social assistance (-20,000), in business, building and other support services (-14,300), and in accommodation and food services (-13,4000).

On a year-over-year basis, employment rose by 332,000 (or 1.8 percent), with gains in both full- (+204,000) and part-time (+128,000) work.