By Canadian Press

Statistics Canada scheduled to say how labour market fared in February

Mar 11, 2022 | 3:03 AM

OTTAWA — Statistics Canada is scheduled to say this morning how the job market fared in February after it suffered a setback to start the year.

The Canadian economy lost 200,000 jobs in January as Omicron-related restrictions forced the closure of businesses and sent workers home.

The unemployment rate also rose half a percentage point to 6.5 per cent, marking the first increase in the rate in nine months.

RBC economists Nathan Janzen and Rannella Billy-Ochieng expect to see three-quarters of the January losses recouped in February as restrictions eased.

They point to early data showing a rapid rebound in spending on high-contact service sectors that took the brunt of the hit in January.

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They say the more pressing issue for many businesses is a labour shortage that will likely mean rising wages as the demand for workers rises.

This report by The Canadian Press was first published March 11, 2022.

The Canadian Press