Canada's Job Market Loses Momentum with 41,700 Jobs Lost in August
Canada's job market has lost momentum, according to data released by Statistics Canada. The country's economy shed 41,700 jobs in August, a significant drop from the 75,100 job additions seen in July.
The unemployment rate remains at a two-year low of 6.4%, despite the decline in employment. Analysts had forecasted job gains of around 15,000, but the actual number fell far short of expectations.
Most of the job losses were in full-time employment, with positions shrinking by 35,900. Part-time employment also saw a reduction of 5,800 jobs. The service-producing industries, such as healthcare and education, bore the brunt of the decline, losing 51,500 jobs in August.
The labor force has been shrinking due to tighter immigration rules and an ageing workforce, which has helped to improve the unemployment level in recent months.