The economy lost almost 213,000 jobs in January but in February regained those numbers and added many more in Canada. (Pixabay)

The economy lost almost 213,000 jobs in January but in February regained those numbers and added many more in Canada. (Pixabay)

Unemployment rate falls in February to lowest since March 2020: StatsCan

The Canadian economy added 259,000 new jobs this February

Statistics Canada says the economy added 259,000 jobs in February, almost wiping out losses sustained over the previous two months.

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

February’s reopenings reversed that drop with gains largely in Ontario and Quebec, and in sectors highly affected by tightened public health restrictions.

The national unemployment rate fell to 8.2 per cent, the lowest level since March 2020 at the onset of the COVID-19 pandemic, and down from the 9.4 per cent recorded in January.

Statistics Canada says the unemployment rate would have been 10.7 per cent in February had it included in calculations Canadians who wanted to work but didn’t search for a job.

The figures blew past expectations of a gain of 75,000 and an unemployment rate of 9.2 per cent, according to financial data firm Refinitiv.

CIBC senior economist Royce Mendes writes that the quick turnaround in jobs numbers is reminiscent of the first wave of the pandemic when employment rebounded far faster than expected as the economy began reopening.

However, he says in a note that the labour market has a long way to get back to where it was prior to COVID-19.

The gains now leave the country 599,100 jobs short of where they were in February of last year, or 3.1 per cent below pre-pandemic levels.

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.

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.

Jobs

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Elvira D’Angelo, 92, waits to receive her COVID-19 vaccination shot at a clinic in Montreal, Sunday, March 7, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
110 new cases of COVID-19 in Interior Health

Provincial health officers announced 1,005 new cases throughout B.C.

Kristian Camero and Jessica Wood, seen here, co-own The Black Cauldron with Stephen Barton. The new Nelson restaurant opened earlier this month while indoor dining is restricted by the province. Photo: Tyler Harper
A restaurant opens in Nelson, and no one is allowed inside

The Black Cauldron opened while indoor dining is restricted in B.C.

These two city-owned houses on Railway Avenue in the Railtown district will be sold. Photo: Bill Metcalfe
City of Nelson will sell two derelict houses in Railtown

Purchasers will be responsible for demolition and slope stability issues

First-year Selkirk College student Terra-Mae Box is one of many talented writers who will read their work at the Black Bear Review’s annual (virtual) launch on April 22. Photo: Submitted
A grant from the province will fund the installation of lighting and electrical in the stage at Cottonwood Park and the construction of a washroom. Photo: Bill Metcalfe
City of Nelson receives grant for washroom and electrical at Cottonwood Falls Park stage

Grant will also fund concession stand and parking improvements

Rainbow trouts thrashing with life as they’re about to be transferred to the largest lake of their lives, even though it’s pretty small. These rainbows have a blue tinge because they matched the blue of their hatchery pen, but soon they’ll take on the green-browns of their new home at Lookout Lake. (Zoe Ducklow/News Staff)
VIDEO: B.C. lake stocked with hatchery trout to delight of a seniors fishing club

The Cherish Trout Scouts made plans to come back fishing soon

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Royal Inland Hospital in Kamloops. (Dave Eagles/Kamloops This Week file photo)
RCMP intercept vehicle fleeing with infant taken from Kamloops hospital

The baby was at the hospital receiving life-saving care

Vancouver Police Const. Deepak Sood is under review by the Independent Investigations Office of B.C. after making comments to a harm reduction advocate Sunday, April 11. (Screen grab)
VIDEO: Vancouver officer convicted of uttering threats under watchdog review again

Const. Deepak Sood was recorded Sunday saying ‘I’ll smack you’ and ‘go back to selling drugs’ to a harm reduction advocate

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C.’s COVID-19 infection rate persists, 1,005 new cases Friday

Hospitalization up to 425, six more virus-related deaths

Premier John Horgan receives a dose of the AstraZeneca COVID-19 vaccine at the pharmacy in James Bay Thrifty’s Foods in Victoria, B.C., on Friday, April 16, 2021. THE CANADIAN PRESS/Chad Hipolito
B.C. Premier John Horgan gets AstraZeneca shot, encourages others

27% of residents in B.C. have now been vaccinated against COVID-19

The Nautical Dog Cafe at Skaha marina is getting its patio ready in hopes Mother Nature will provide where provincial restrictions have taken away indoor dining. (Facebook)
‘A lot of instability’: B.C. restaurants in layoff limbo

As COVID-19 cases stay high, restaurants in British Columbia are closed to indoor dining

Prime Minister Justin Trudeau looks on as Deputy Prime Minister and Finance Minister Chrystia Freeland responds to a question during a news conference on Parliament Hill in Ottawa, Tuesday, Aug. 18, 2020. THE CANADIAN PRESS/Adrian Wyld
Expectations high as Trudeau Liberals get ready to unveil first pandemic budget

The Liberals will look to thread an economic needle with Monday’s budget

Since April 4, 38 flights with COVID-19 cases have departed from Vancouver International Airport, while 23 arrived. (Phil McLachlan/Capital News)
Vancouver the largest source of domestic flights with COVID-19 cases: data

This month alone, 38 flights with COVID-19 cases have departed from Vancouver International Airport, while 23 arrived

Most Read