Canadian employment took a slight downturn from the previous month, with the economy losing 18,000 jobs (-0.1 per cent) to 21.034 million in April. The employment rate fell by 0.1 points to 60.5 per cent, while the unemployment rate rose by 0.2 points to 6.9 per cent. Average hourly wages rose 4.5 per cent year-over-year to $37.77 in April.
           
Employment in B.C. decreased by 0.1 per cent to about 2.904 million, with the provincial economy losing 4,300 jobs in April. Employment in Metro Vancouver rose by 0.2 per cent to 1.677 million. The unemployment rate in B.C. rose 0.1 points to 6.8 per cent in April. Meanwhile, Vancouver's unemployment rate rose by 0.2 points to 7.0 per cent in April.  

The Canadian labour market gave back minimal gains found in March, contributing to a cumulative net loss of over 100,000 jobs thus far in 2026. Floundering employment and a weak economic outlook represent the downside risks facing the Bank of Canada, which must also address the inflationary pressure of the oil price shock stemming from the Iran conflict. While we tentatively expect another rate hold next month, this month’s inflation and growth data will determine the accuracy of the Bank’s updated first-quarter projection, which may illuminate its future policy direction.