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Economic News

Canada: February Hiring Is the Cherry on Top of Prior Surge

March 10, 2023
Marc Desormeaux
Principal Economist

After surprise surges of 69k in December and 150k in January, net total Canadian employment rose by a more modest 22k in February. It was still a sixth consecutive gain, for a total of 348k jobs created over this period. Ongoing momentum in full-time employment and hours worked, hiring across most provinces, and a reacceleration of wage growth after multiple months of slowing reinforce the strength of this report. Still, it's too early to say whether this changes the Bank of Canada’s current plans to halt interest rate increases.