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Canada’s labor market and broader economy have been teetering on the edge of recession for several months. However, the latest job numbers provide a glimmer of hope. In February, Canada added 40,700 new jobs, a respectable gain given the high interest rate environment.
For the past several months, we have closely tracked the gradual rise in the unemployment rate, along with slipping labor demand, as indicators of a potential downturn in the labor market. This month, however, offers another much-needed boost of optimism, suggesting that employer demand for hiring may continue to chug along.
Labor Force Trends
