Canada's Employment Takes a Hit Amidst Tariff Uncertainty

Canada saw a decline in employment figures in March, with a net loss of 32,600 jobs, marking the first drop in over three years. The country's unemployment rate increased to 6.7% amid uncertainties over tariffs imposed by the U.S. and retaliatory actions by other countries.

Canada experienced its first decrease in employment in more than three years, with a net loss of 32,600 jobs in March, Statistics Canada revealed. The decline was largely attributed to a drop in full-time positions.

This downturn follows a period of robust job creation between November and January, highlighted by an expansion of 211,000 new jobs. The unemployment rate rose slightly to 6.7%, reflecting concerns over U.S. tariffs and global trade tensions.

Economists had anticipated this shift, predicting that uncertainty around tariffs would affect business investment and hiring decisions. Market analysts are now speculating about a potential interest rate cut by the Bank of Canada in response to these economic conditions.

(With inputs from agencies.)