The unemployment rate in Canada reaches its highest level in nearly three years as weak oil prices continued to bludgeon resource-rich provinces.

According to the Statistics Canada, the country lost nearly 2,300 jobs in February, and the jobless rate ticked up to 7.3 per cent. The data agency reported that, most of the job losses were full-time, which lost more than 52,000 jobs during the month.

BMO economist, Doug Porter said that, "in contrast to the recent past, the goods-producing sector is adding jobs, while the service sector is the area of weakness, that tends to happen when the economy shifts from consumer-led to export-led growth, which also often happens after a big currency depreciation."

David Watt, chief economist with HSBC Bank Canada, said that,“no matter how I slice or dice it, the results seem consistent with an economy that lacks traction.”

The full-time employment declined by 52,000 while part-time jobs rose by 49,500 across the country. Employment in the services-producing sector decreased by 44,500 positions, with big losses in the public-sector, education and health care.

Sébastien Lavoie, assistant chief economist with Laurentian Bank of Canada, said that“Our main source of concern remains Alberta’s labour market.”“The unemployed workers will continue to have a difficult time finding a new job, given that the province’s economic activities are insufficiently diversified,” he added.

Mr. Watt said that,“what we need is more of a change in perception of where we want the economy to go and set the stage for not just government, but for the private sector to start creating jobs. The private-sector job creation is just terrible. The private sector does not have confidence to start adding jobs and that’s what we need.”

Nandini