Canadian employment only increased 1,100 (vs 20,000 expected) in February, and the unemployment rate was unchanged at 6.6% (vs 6.7% expected).

• Employment increase in wholesale & retail (+51k) and finance & real estate (+16k) but was offset by declines in professional services (-33k) and transportation & warehousing (-23k).
• The labor force participation fell -0.2 ppts to 65.3%, the first decrease since September 2024.
• Total hours worked fell -1.3% MoM, but were up 0.5% YoY.
• Average hourly wages among employees were up 3.8% YoY in February, following growth of 3.5% YoY in January. Snowstorms may have had an impact.