Canadian Job Growth Exceeds Forecasts in February, Unemployment Rate Ticks Up

Canada's labor market added 40,700 net new jobs in February, exceeding economist forecasts of 20,000 jobs added
The unemployment rate edged up to 5.8% in February from 5.7% in January
Job gains were primarily in full-time work, with 70,600 full-time jobs added
Wage growth showed further signs of cooling, with average hourly wages for permanent employees rising 4.9% year-over-year
The data supports the Bank of Canada's decision to keep interest rates on hold, rather than cut rates, as labor market conditions gradually weaken