The economy lost almost 213,000 jobs in January but in February regained those numbers and added many more in Canada. (Pixabay)

The economy lost almost 213,000 jobs in January but in February regained those numbers and added many more in Canada. (Pixabay)

Unemployment rate falls in February to lowest since March 2020: StatsCan

The Canadian economy added 259,000 new jobs this February

Statistics Canada says the economy added 259,000 jobs in February, almost wiping out losses sustained over the previous two months.

The economy lost almost 213,000 jobs in January as lockdown measures erased months of gains, and marked the worst monthly declines since last April.

February’s reopenings reversed that drop with gains largely in Ontario and Quebec, and in sectors highly affected by tightened public health restrictions.

The national unemployment rate fell to 8.2 per cent, the lowest level since March 2020 at the onset of the COVID-19 pandemic, and down from the 9.4 per cent recorded in January.

Statistics Canada says the unemployment rate would have been 10.7 per cent in February had it included in calculations Canadians who wanted to work but didn’t search for a job.

The figures blew past expectations of a gain of 75,000 and an unemployment rate of 9.2 per cent, according to financial data firm Refinitiv.

CIBC senior economist Royce Mendes writes that the quick turnaround in jobs numbers is reminiscent of the first wave of the pandemic when employment rebounded far faster than expected as the economy began reopening.

However, he says in a note that the labour market has a long way to get back to where it was prior to COVID-19.

The gains now leave the country 599,100 jobs short of where they were in February of last year, or 3.1 per cent below pre-pandemic levels.

The federal government is keeping a close eye on the labour market, suggesting it will use jobs as a gauge for planned stimulus measures to be unveiled in a spring budget.

So too is the Bank of Canada monitoring employment, noting the uneven impacts of job losses in its reasoning this week for holding its key policy rate at 0.25 per cent.

Jobs

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police responded to a report of a shooting in the 1300-block of 176 Street at around 7:15 p.m. on June 3, 2017. (File photo)
Trial dates set for senior charged in 2017 ‘targeted’ South Surrey shooting

Jury trial for Kenneth Turpin scheduled to begin Oct. 25

Earl Marriott Secondary alumna Tanis Orsetti has received a $15,000 Cmolik Graduate Studies Scholarship to further her studies in the field of medicine. (File/Contributed photo)
Earl Marriott alumna selected for new $15K scholarship

Tanis Orsetti is studying the use immunotherapy in cancer treatment

Eternity Medical Equipment’s ECAN95 masks have received Health Canada approval and CSA certification. (Eternity Medical Equipment photo)
South Surrey N-95 equivalent manufacturer launches mask recycling program

Eternity Medical Equipment partners with Ontario-based LifeCycle Revive

Surrey Fire Service at a garage fire in the 14400-block of 82A Ave on March 22, 2021. (Photo: Shane MacKichan)
‘Perfect storm’ of variants, increasing COVID cases are concerning for Surrey fire chief

Between police and fire, Larry Thomas said there are 8 confirmed cases, 18 others isolating

People take part in an anti-curfew protest in Montreal on Sunday April 11, 2021. Hundreds of people gathered in Old Montreal tonight in defiance of a new 8 p.m. curfew. THE CANADIAN PRESS/Giuseppe Valiante
VIDEO: Hundreds defy Montreal’s 8 p.m. curfew in violent, destructive protest

Quebec reported 1,535 new COVID-19 cases on Sunday, as well as five additional deaths linked to the virus

People walk past the Olympic rings in Whistler, B.C., Friday, May 15, 2020. Whistler which is a travel destination for tourists around the world is seeing the effects of travel bans due to COVID-19. THE CANADIAN PRESS/Jonathan Hayward
Adults living, working in Whistler, B.C., eligible for COVID-19 vaccine on Monday

The move comes as the province deals with a rush of COVID-19 and variant cases in the community

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

RCMP crest. (Black Press Media files)
UPDATE: RCMP investigating after child, 6, dies at motel in Duncan, B.C.

The BC Coroners Service is conducting its own investigation into the circumstances around the child’s death

RCMP display some of the fish seized from three suspects who pleaded guilty to violating the Fisheries Act in 2019, in this undated handout photo. THE CANADIAN PRESS/HO - RCMP
3 banned from fishing, holding licences after overfishing violations near Vancouver Island

Mounties seized the group’s 30-foot fishing vessel and all equipment on board at the time

B.C. Premier John Horgan responds to questions during a postelection news conference in Vancouver, on Sunday, October 25, 2020. British Columbia’s opposition Liberals and Greens acknowledge the COVID-19 pandemic has presented huge challenges for Horgan’s government, but they say Monday’s throne speech must outline a coherent plan for the province’s economic, health, social and environmental future. THE CANADIAN PRESS/Darryl Dyck
Horgan’s NDP to bring in throne speech in B.C., Opposition wants coherent plan

Farnworth said the budget will include details of government investment in communities and infrastructure

FILE - An arena worker removes the net from the ice after the Vancouver Canucks and Calgary Flames NHL hockey game was postponed due to a positive COVID-19 test result, in Vancouver, British Columbia, in this Wednesday, March 31, 2021, file photo. As vaccinations ramp up past a pace of 3 million a day in the U.S, the NHL is in a tougher spot than the other three major North American professional sports leagues because seven of 31 teams are based on Canada. (Darryl Dyck/The Canadian Press via AP, File)
Vancouver Canucks scheduled to practice Sunday, resume games April 16 after COVID outbreak

Canucks outbreak delayed the team’s season by eight games

Most Read