Canada Experiences 6.1% Unemployment Rate Amid Economic Challenges!

 Due to a weak economy and high borrowing costs, more people searched for work in Canada in March, causing the unemployment rate to rise to 6.1%.

Employment fell in the wholesale and retail trade, professional, scientific, and technical services, and hospitality and culinary sectors, according to a statement issued by Statistics Canada on Friday, April 5.

In March, there was a 5.1% increase in the average hourly salary compared to the same time in 2023, and jobs in the social assistance and health care sectors were added.

Due to a population surge, the employment rate—the percentage of people aged 15 and over who are employed—fell for the sixth consecutive month and is currently 61.4 percent.

The spike in unemployment occurs as a result of enterprises being burdened by high borrowing costs and the nation's labor supply being further expanded by robust population growth. Year over year, there was a one percentage point increase in the unemployment rate.