'Data For Business' is an effort of the Langley Chamber, in partnership with the Canadian Chamber, to bring our members reports, stats and analysis on economic and business data to help inform business and investment decisions.  Read our latest update below:

Following decent growth in January and February, Canadian employment saw little change in March 2024 according to new labour force data, but unemployment has ticked up above 6% for the first time in 2 years.

In Canada, there was little change in employment/jobs in March, but the unemployment rate increased to 6.1% (from 5.8%), driven largely by an increase of 60,000 jobseekers or people on layoffs. Unemployment was particularly up for youth, rising 1% to 12.6%.    In BC, the unemployment rate rose to 5.5%,      Average hourly wages rose 5.1% (+$1.69 to $34.81) year-over-year, following an increase of 5.0% in February. In BC, average hourly wages were $36.50. 

BC was one of two provinces to see job gains in March, with 6,600 news jobs created, driven by jobs in Health Care and Social Assistance (+10,300), Finance, Insurance and Real Estate (+5,800) and Wholesale and Retail Trade (4,700). Leading job declines was Information, Culture and Recreation (-5,800) and Accommodation and Food Services (-5,200).   That said, the trend of public sector job creation continued, with 2,700 public sector jobs created over the past month, while the private sector shed 18,100. Strong growth in self-employment made up the difference and accounted for the over all job gains.

Commentary: 

"Though job growth came to a grinding halt in March, the main headline was the unemployment rate breaking the 6% threshold for the first time in more than two years. These numbers signal that population growth continues to run ahead of labour demand. As the Bank of Canada continues to assess how much the economy is weakening under high interest rates, this report signals growing slack in the labour market, which might just test patience in terms of rate cuts."  - Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce