The unemployment rate in Windsor was the second highest in Canada last month, according to Statistics Canada
The rate increased to 7.5 per cent in March, compared to 7.4 per cent in February
Windsor’s jobless rate was tied with St. Catharines-Niagara and Barrie for the highest in the country in February
St. Catharines-Niagara had remained the highest in March at 7.6 per cent
On a national level, Canada’s unemployment rate jumped to 6.1 per cent in March as more people looked for work
The figure is up from 5.8 per cent in February and marks the largest increase in the unemployment rate since summer 2022
The federal agency’s labour force survey shows employment was little changed last month, with the economy shedding 2,200 jobs, after modest increases over the last several months
The jump in unemployment comes as high interest rates weigh on the economy and strong population growth continues to add to the country’s labour supply
The unemployment rate was up one percentage point on a year-over-year basis
Youth are particularly feeling the chill in the labour market. Employment among those aged 15 to 24 declined by 28,000 in March and the jobless rate for the group rose to 12.6 per cent, the highest it’s been since September 2016 outside of 2020 and 2021
Friday’s report shows job losses last month were concentrated in accommodation and food services, followed by wholesale and retail trade and professional, scientific and technical services
Meanwhile, employment increased in four industries, led by health care and social assistance
Statistics Canada says the rise in the jobless rate was driven by an increase of 60,000 people searching for work or temporarily laid off
The total number of unemployed people in the country stood at 1.3 million last month, an increase of nearly 250,000 compared with a year ago
Despite weaker labour market conditions, wage growth continued to grow rapidly, with average hourly wages rising 5.1 per cent annually.
The job report is the last piece of major economic data the Bank of Canada has to consider ahead of its next interest rate decision on Wednesday.
Investors will be looking for any hints from the central bank on when it plans to begin lowering its key interest rate, which currently sits at five per cent.
Economists have been widely expecting the Bank of Canada to deliver the first rate cut in June or July
