Canada Sheds 2,200 Jobs in March as Unemployment Rises to Over 2-Year High Despite Hot Wage Growth
• Canada shed 2,200 net jobs in March, largely in the services sector, exceeding expectations of a 25,000 job gain • Unemployment rate rose to 6.1%, highest level in over 2 years, from 5.8% in February • Wage growth remains hot compared to what Bank of Canada wants to see • Labor market cracks have widened suddenly, leading some economists to pull Bank of Canada rate cut forecasts earlier • Soft economic growth over past year led to small job growth unable to keep pace with rapidly growing population