Canada sheds 1,010,700 new jobs in March; unemployment rate climbs to 7.8 percent

Canada sheds 1,010,700 new jobs in March; unemployment rate climbs to 7.8 percent

Statistics Canada reported on Thursday that the number of employed people fell by 1,010,700 m-o-m in March (or -5.3 percent m-o-m), while economists had forecast a drop of 350,000 and after an unrevised advance of 30,300 in the previous month. The employment decline in March was larger than in any of three significant recessions experienced since 1980, the report noted.

Meanwhile, Canada's unemployment surged to 78 percent in March from 5.6 percent in February, significantly exceeding economists' forecast for 7.2 percent. This was the highest jobless rate since October 2010.

According to the report, full-time employment decreased by 474,000 (or -3.0 percent m-o-m) in March, while part-time jobs declined by 536,700 (or -15.0 percent m-o-m).

In March, the number of public sector employees fell by 144,600 (or -3.7 percent m-o-m), while the number of private sector employees tumbled by 830,200 (or -6.7 percent m-o-m). At the same time, the number of self-employed dropped by 7,700 (or -1.2 percent m-o-m) last month.

Sector-wise, employment declined both in goods-producing (-1.2 percent m-o-m) and service-producing (-6.3 percent m-o-m) businesses.