Real gross domestic product edged up 0.1% in February, following a 0.6% increase in January. Inflationary pressures remained higher compared with recent historical trends, as the Canadian Consumer Price Index (CPI) rose 4.4% year over year in April 2023, which remained lower than the peak in June 2022 (8.1%). Also in April, employment rose by 41,000 (+0.2%), while the unemployment rate held steady at 5.0%, just above the record low of 4.9% reached in June and July 2022.
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