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Canada added 35,000 jobs in March, unemployment rate remains steady

According to Statistics Canada, the economy added 35,000 jobs in March, while the unemployment rate held steady at five per cent.
The agency says the gain in employment was made primarily in the private sector.
Employment was on an upward trend in transportation and warehousing, business, building and other services, as well as finance and real estate.
On the other hand, employment was lost in construction and natural resources.
The report shows that the average hourly wage rose 5.3 per cent on an annual basis.
For the fourth consecutive month, the unemployment rate has held at five per cent, floating above the record low of 4.9 per cent in June and July of 2022.
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The report showed those who are unemployed were less likely to stay out of work for a long time. The number of people who had been unemployed for 27 weeks or more was 16 per cent, down from 20.3 per cent a year earlier.
The Bank of Canada consistently raised key interest rates since March 2022, which is expected to weigh on the economy, with economists forecasting a substantial slow down in 2023.
Recent surveys by the central bank showed businesses and consumers are already getting ready for that slowdown. Consumers say they’re going to spend less, while businesses are expecting sales to decrease.
This pullback is anticipated to influence the labour market and lead to a rise in unemployment.
However, businesses remain concerned with labour shortages, the surveys indicated that the labour market is easing.
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