The Canadian economy added 337,000 jobs in February

The unemployment rate fell to 5.5% in February from 6.5% in the first month of the year. (Photo: 123RF)

Ottawa- 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 it reached 5.7% in February 2020, before the onset of the COVID-19 pandemic.

According to Statistics Canada, the unemployment rate would have been 7.4% last month if we had included in the calculations people who wanted a job, but were not looking for a job.

Statistics Canada also says the proportion of the working-age population with jobs rose in February to 61.8%, the first time the rate has returned to pre-pandemic levels.

Overall, the agency says the workforce in February was 1.9%, or 369,100 jobs, above levels recorded in February 2020.