Economy added 337,000 jobs in February, unemployment rate falls to pre-pandemic level
The unemployment rate dropped to 5.5 per cent in February
Statistics Canada says the economy added 337,000 jobs in February, more than offsetting the loss of 200,000 jobs in January as the unemployment rate fell below pre-pandemic levels.
The unemployment rate dropped to 5.5 per cent in February compared with 6.5 per cent in the first month of the year.
That is the lowest it’s been since it was 5.7 per cent in February 2020 just before the start of the COVID-19 pandemic.
Statistics Canada says the unemployment rate would have been 7.4 per cent last month had it included in calculations people who wanted a job but did not look for one.
Statistics Canada also says the proportion of the working age population with a job rose in February to 61.8 per cent, marking the first time that rate returned to its pre-pandemic levels.
Overall, the agency says that the labour force in February was 1.9 per cent, or 369,100 jobs, above levels recorded in February 2020.
This report by The Canadian Press was first published March 11, 2022.
