Canada's Economy Slumps in August, Shedding 42,000 Jobs Nationwide

Canada's economy lost momentum in August, shedding 42,000 jobs nationwide. Ontario was particularly hard hit, with 18,000 positions eliminated from its workforce.

The province's unemployment rate dipped to 6.9 percent, down 0.8 percentage points compared to the same time last year. However, this still puts it above the national average of 6.4 percent.

Despite this decline, Ontario added a net gain of 116,000 jobs from August 2025 to August 2026, representing a 1.4 percent increase in employment.