The increase was roughly double what Bay Street was expecting. The surprises in Statistics Canada’s latest labour market survey also included a big jump in full-time positions. Downbeats came from the unemployment rate’s small increase to 5.8 per cent, and more evidence that the population is growing faster than the hiring rate. (The Logic) 

Talking point: The Bank of Canada needs economic growth to slow to win its fight with inflation, but governor Tiff Macklem has maintained that he can orchestrate a downturn without causing a spike in unemployment. The jobless rate has ticked higher, but is still low by historical standards. Average hourly wages increased five per cent from a year earlier, a pace that the central bank has said is inflationary. But it was down from a 5.3 per cent increase in January. The percentage of the working age population that’s employed dropped to 61.5 per cent, compared with its February 2023 peak of 62.4 per cent—evidence that the labour market isn’t impervious to higher rates.