In February, Canada’s economy almost regained all of the jobs it lost in the two months prior, and the unemployment rate was the lowest it has been since March 2020.
The number of people employed in February increased by 259,000 after falling by 266,000 over December and January. Statistics Canada derived these data from conducting their monthly Labour Force Survey during the week of February 14 to 20.
Employment rates are the number of people who are working as a percentage of the population of people aged 15 and older. Unemployment is calculated by the number of unemployed people as a percentage of the entire labour force.
In February, the unemployment rate fell to 8.2 per cent, 1.2 percentage points lower than January and the lowest since Canada went into lockdown last year.
Compared with February 2020, there were 599,000 (-3.1 per cent) fewer people employed, and 406,000 (+50 per cent) more people working less than half of their usual hours. The total hours worked increased by 1.4 per cent, driven by gains in wholesale and retail trade.