Canada’s unemployment rate remains steady amid tariff uncertainty – National | Globalnews.ca
Employers in Canada added 1,100 jobs across sectors in Canada last month, even as the country grapples with uncertainty around U.S. President Donald Trump’s tariffs.
The unemployment rate was steady at 6.6 per cent in February, remaining unchanged from January.
The employment rate rose in the retail and wholesale sector (1.7 per cent) as well as finance, insurance, real estate, rental and leasing (1.1 per cent).
However, some sectors, such as transportation and warehousing saw job losses (2.1 per cent).
February was the first full month since the inauguration of Trump, a period which has seen great uncertainty on the Canada-U.S. trade relationship.
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It was also the period when a 30-day pause on threatened tariffs went into effect, with those tariffs hitting on Tuesday.
Economists called it “the most significant trade shock” since the 1930s.
However, Trump on Thursday temporarily waived tariffs on some, but not all, products from Canada and Mexico, specifically those that fall under the Canada-United States-Mexico Agreement (CUSMA).
A Royal Bank of Canada outlook on the North American labour market said the uncertainty was enough to impact employment numbers.
“Tariff uncertainty alone (without actual tariff hikes implemented) won’t be enough to fuel layoffs, but it could slow hiring. Job postings on indeed.com edged lower in February after rising in December and January,” the report said.
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