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The unemployment rate in Canada jumped to 6.1% in March of 2024 from 5.8% in the earlier month, the highest since October of 2021, and sharply above market expectations of 5.9%. The result aligned with the Bank of Canada’s rhetoric that higher interest rates are having a larger impact on the Canadian labor market, strengthening the argument for doves in the BoC’s Governing Council that a rate cut may be due by the second quarter. The unemployed population jumped by 60,000 to 1.260 million, with 65% of the unemployed population having searched for jobs for over one month. Unemployment rose to an over-seven-year high for the youth (12.6% vs 11.6% in February), and rose at a softer pace for the core-aged population (5.2% vs 5%). In the meantime, net employment dropped by 2,200 to 20.403 million, a sharp contrast with market expectations of a 25,000 increase, while hourly wage growth accelerated by 10bps to 5%.