Canada Slides into August Job Deficit
Canada's labor market took an unexpected hit in August, shedding 42,000 jobs according to Statistics Canada. The unemployment rate remained unchanged at 6.4 per cent. Economists had predicted a 15,000-job increase and a stable unemployment rate.
The decline was largely driven by the public sector, which saw a loss of 20,000 jobs for the third consecutive month. Jobs in the private sector were little-changed. Quebec was hardest hit, losing 19,000 jobs, while Ontario followed with an 18,000-job decline.
The Canadian economy had added 75,000 jobs in July, but August's numbers fell short of expectations. The latest jobs report comes as historic trade tension between Canada and the United States continues to impact various industries. Last month, US President Donald Trump imposed 50 per cent tariffs on $28 billion worth of Canadian products.