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>>Canada's unemployment spikes to 6.7% in February, indicating a concerning shift in the labor market.

Canada's unemployment spikes to 6.7% in February, indicating a concerning shift in the labor market.

crypthub

1 day ago

February Unemployment Surge

Canada’s unemployment rate jumped to 6.7% in February 2025, the highest level since August 2023, up 0.5 percentage points from January. The labor force survey recorded about 1.4 million job‑seekers, while the employment rate slipped to 61.4%. These changes reflect a sharp month‑over‑month loss of roughly 34 000 jobs nationwide.

Sector and Demographic Impact

Young workers were hit hardest, with youth unemployment rising to 12.8% from 11.9%. Core‑aged unemployment rose to 5.6% and seniors to 5.9%. Provincial rates varied: Alberta reached 7.2%, Ontario 6.9%, Quebec 6.1%. Manufacturing shed 16 000 positions and construction 8 000, while healthcare added 9 000 and hospitality 7 000 jobs.

Economic Context and Outlook

The 6.7% rate ends a 19‑month stretch of sub‑6% unemployment and signals broader economic headwinds from global uncertainty and higher interest rates. Underemployment grew, with more workers cutting hours. Economists now project an average 6.4% unemployment for 2025, prompting calls for Bank of Canada policy tweaks and targeted job programs.

International Comparison

Canada’s joblessness now exceeds that of the United States (4.1%) and is above the European Union average (6.4%). Export‑dependent sectors such as automotive and natural resources face declining demand, intensifying domestic labor market pressures.