Canada's unemployment rate has reached pre-pandemic levels
Canada's economy is recovering from the pandemic. The national unemployment rate is down 1% from last month.
Last month, Canada's labor market showed signs that it has finally shaken off the shock of COVID-19 two years ago. Statistics Canada reports a gain of 337, 000 jobs in February.
A wave of lockdowns aimed at slowing the spread of the Omicron strain led to the loss of 200, 000 jobs this January, but February's surge more than compounded the damage, helping to bring the unemployment rate down to 5.5%. That's down from the 5.7% rate seen in February 2020, and also down slightly from the record low of 5.4% reached in May 2019. That said, Statistics Canada said last month's unemployment rate could have been as high as 7.4% if people who wanted a job but didn't look for one were included in the calculations.
The share of the working-age population with a job rose to 61.8% in February, the first time the figure has returned to pre-pandemic levels. Overall, the labor force in February was 1.9%, or 369,100 jobs, up from February 2020. The sectors hit hardest by COVID-19 rebounded. Food and housing added 114,000 jobs. Total hours worked rose 3.6% in February, enough to finally raise the figure above what it was before the pandemic.
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