Not a Happy New Year: Unemployment rate continues to remain elevated

The unemployment rate continues to remain elevated. During the week ended March 18, it was 6.8 per cent. This was a tad lower than the previous week's 7 per cent. But, the average unemployment rate during the past six weeks has been significantly higher than it was during the past year. In February, the unemployment rate had shot up to a 14-month high. Recent trends suggest that in March it may continue to remain as high or could even rise higher. While the unemployment rate has risen, the labour participation rate has not. This reflects growing stress in labour markets.