Ottawa - Statistics Canada says the economy added 337,000 jobs in February, a rate that is more than the loss of 200,000 jobs that occurred last January, as the unemployment rate dropped below pre-pandemic levels.

The unemployment rate fell to 5.5 percent in February compared to 6.5 percent in the first month of the year.

This is the lowest level since it was 5.7 percent in February 2020 before the start of the COVID-19 pandemic.

Statistics Canada says the unemployment rate could have been 7.4 percent last month if people who want a job but have not looked for one were included in the calculations.

Statistics Canada also says the employment-to-population ratio for working-age people increased in February to 61.8 percent, the first time this rate has returned to pre-pandemic levels.

Overall, the agency says the labor force in February was 1.9 percent, or 369,100 jobs, higher than the levels recorded in February 2020.