Canada's employment unexpectedly decreased in February, and the unemployment rate rose

Golden Ten Data reported on March 13 that Statistics Canada released data on Friday showing that the Canadian economy unexpectedly saw a net decrease of 83,900 jobs in February, with the unemployment rate rising to 6.7%. Both the service and goods-producing sectors experienced declines in employment. The statistics bureau stated that, excluding months during the pandemic lockdown, this is the first time in nearly 17 years that such a significant drop in employment has occurred. In recent months, Canada's labor market has failed to add a notable number of jobs due to slowing economic growth, while a series of tariffs imposed by Trump on key industries such as steel, automobiles, lumber, and copper have brought additional shocks. Job losses in January and February resulted in a cumulative reduction of 109,000 positions in the Canadian economy, partially offsetting the 189,000 jobs added from September to December last year. The decrease in employment was mainly driven by a decline in full-time positions, with 108,400 full-time jobs lost in February, including a reduction of 72,600 jobs in the private sector.