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Canada Unexpectedly Loses Jobs In February

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The Canadian economy unexpectedly shed 7,000 jobs in February, official data showed Friday.

Part-time positions were down by 25,900, while full-time payrolls rose by 18,900, according to figures from Statistics Canada.

Cuts in the public sector kept the Canadian unemployment rate at 7 percent for a second straight month, same as a year ago.

"There has been little overall employment growth in Canada since August, 2013," the agency said.

Economists expected the Canadian economy to generate about 18,000 jobs.

While U.S. job growth accelerated last month despite an economic lull brought on by rough winter weather, Canada saw the reverse happen.

The Canadian economy grew at a 2.9 percent annualized rate following 2.7 percent in the prior quarter, but the employment situation remains stagnant.

On Thursday, the Bank of Canada held its benchmark interest rate at 1 percent, the same level it has been since September 2010.

Today's jobs data signals the BoC will likely keep rates low until employment shows sustained growth.

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