Canada’s unemployment rate returned to the lowest in four decades in February as hiring posted a modest rebound.
Canada added 15,400 jobs during the month, Statistics Canada reported Friday, close to economist forecasts for a 21,000 gain. The unemployment rate fell to 5.8 percent from 5.9 percent, back to the December level that was the lowest in records back to 1976.
The numbers are consistent with a tight labor market with little slack left after Canada’s strong economic performance last year prompted a hiring boom. While the February gain is below monthly averages over the past year, it’s more in line with what would be considered normal for an economy the size of Canada.