The Canadian economy added 337,000 jobs in February, more than offsetting the loss of 200,000 jobs in January as the unemployment rate fell below February 2020 levels, according to Statistics Canada.
The unemployment rate fell to 5.5% in February, from 6.5% in the first month of the year.
This is the lowest rate since hitting 5.7% in February 2020, just before the onset of the COVID-19 pandemic.
According to Statistics Canada, the unemployment rate would have been 7.4% last month if the calculations had included people who wanted a job but did not look for one.
Statistics Canada also says the proportion of the working-age population with jobs rose in February to 61.8%, marking the first time the rate has returned to pre-pandemic levels.
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