By Canadian Press

Statistics Canada to outline how labour market fared in February

Mar 12, 2021 | 1:04 AM

OTTAWA — Statistics Canada will say today how the country’s job market fared in February after it started 2021 with a steep drop.

The economy lost almost 213,000 jobs in January as lockdowns wiped out months of gains, and marked the worst monthly declines since last April.

The second straight month of losses left the unemployment rate at 9.4 per cent and the country short about 850,000 jobs compared to pre-pandemic levels.

Financial data firm Refinitiv says the average economist estimate is for a net gain in February of 75,000 jobs, and an unemployment rate of 9.2 per cent.

The federal government is keeping a close eye on the labour market, suggesting it will use jobs as a gauge for planned stimulus measures to be unveiled in a spring budget.

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So too is the Bank of Canada monitoring employment, noting the uneven impacts of job losses in its reasoning this week for holding its key policy rate at 0.25 per cent.

This report by The Canadian Press was first published March 12, 2021.

The Canadian Press

<!– Photo: 20210311140348-604a74090e90790dcd8e0fd8jpeg.jpg, Caption: People line up at a Service Canada office in Montreal on Thursday, March 19, 2020. Statistics Canada to detail February jobs data
Statistics Canada will say today how the country’s job market fared in February after it started 2021 with a steep drop. THE CANADIAN PRESS/Paul Chiasson –>