Statistics Canada said the jobless rate increased to 6.1 per cent in March, as hiring stalled amid a significant increase in job seekers. Average hourly wages rose 5.1 per cent from a year earlier, the 13th consecutive month that figure has exceeded the year-over-year increase in headline inflation. (The Logic) 

Talking point: Statistics Canada’s latest check on the labour market will mute talk that the economy is outperforming the Bank of Canada’s bleak forecast from the start of the year. Gross domestic product increased 0.6 per cent in January, and early numbers suggest GDP grew 0.4 per cent in February—better than the central bank’s forecast that growth would stagnate. The Canadian dollar plunged after the jobs numbers were released, a sign traders think the odds of earlier rate cuts have increased. The jobless rate isn’t terrible, but it’s up from 5.8 per cent in February and still the highest non-pandemic reading since 2017. The central bank’s next policy decision is April 10. That’s probably too soon to change tack, but a cut in June or July remains a possibility.