Figures from Statistics Canada show a surprise increase in Canadian employment in March, with 28,700 new jobs created. Though better than expected, analysts say the figures are not entirely positive, as the jobs created were entirely part-time positions, and they masked a drop in full-time jobs.
According to the employment report, about 56,800 part-time jobs were added to the Canadian economy in the month of March, while 28,200 full-time positions were lost. The first quarter of the year saw Canada adding 69,100 part-time jobs alongside a loss of 6,100 full-time jobs. The jobless rate remained steady at 6.8% in March, though experts expect it to increase slightly to 6.9%.
By industry, the gain in jobs came mainly in the country’s services sector, with retail and wholesale trade leading the way with 19,800 new jobs. The natural resources sector added 6,300 positions after losing 26,000 jobs over the past two months.
The employment report backs up the Bank of Canada’s cautious approach in deciding if another rate cut is necessary.