Canada adds more jobs than expected in March, jobless rate holds at 5.0%

OTTAWA (Reuters) -The Canadian economy added more jobs than expected in March and the jobless rate remained near a record low for the fourth consecutive month, according to data released on Thursday that indicated continued labor market strength despite fears of an economic slowdown.

The economy gained a net 34,700 jobs, almost entirely in the private sector, and the unemployment rate held steady at 5.0%, Statistics Canada reported.

Analysts surveyed by Reuters had forecast that a net 12,000 jobs would be gained in March and the unemployment rate would edge up to 5.1% from 5.0% in February.

The employment gains last month were driven by the services sector, which added a net 75,500 jobs, mostly in transportation and warehousing as well as support services. Those additions more than offset the decline of 40,900 jobs in the goods sector, which was dragged down by job losses in construction as well as natural resources.

(Reporting by Ismail Shakil and Dale Smith in Ottawa; Editing by Paul Simao)