Labour Market Remains Resilient, Despite
Heightened Borrowing Costs
Canadian economy continued to create jobs. For the seventh consecutive month, Canada’s labour market expanded and beat expectations by adding 41,400 jobs in April. Total employment gains for the first four months of 2023 sat just below 250,000 jobs, which is on par with the 2022 level despite elevated interest rates working their way through the economy more broadly. While job creation in April was solely a byproduct of part-time employment gains, the unemployment rate sat at 5.0 per cent, which has remained unchanged since December 2022 as Canada’s labour force continued to climb on the back of historic immigration. Wage growth also remained constant in April, sitting at 5.2 per cent year-over-year.