April 2024Canada's job market outperformed expectations in April, adding 90,000 jobs, a 0.4% increase, with the unemployment rate holding steady at 6.1%, contrary to market forecasts predicting a rise to 6.2%. This stability in unemployment rates has significant implications for the Bank of Canada's monetary policy, with the unexpected strength reducing the likelihood of a rate cut at the upcoming June 5th decision.

The gains were mainly in part-time roles, and wages also grew, with a year-over-year increase of 4.7% in average hourly earnings. This combination of job growth and wage increases underscores the resilience of the Canadian economy amid global economic shifts.


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