Canada's Job Market Loses Momentum with Over 41,000 Jobs Lost in August
CANADA'S JOB MARKET SLUMPS: ECONOMY LOSES 41,700 JOBS IN AUGUST
The Canadian economy lost steam in August, with job market losses totaling over 41,000. The data, released on Friday, showed a significant slowdown from the strong summer hiring seen in previous months.
According to Statistics Canada, full-time employment saw the largest decline, with positions shrinking by 35,900. Part-time employment also saw reductions of 5,800 jobs.
The unemployment rate held steady at 6.4%, but analysts polled by Reuters had forecast job gains of around 15,000. The recent hiring figures have been influenced by temporary factors such as census-related employment and soccer World Cup jobs, which resulted in additions of a massive 181,000 jobs between April and July.
The new set of US tariffs and Canada's retaliation coming into effect from early next week are expected to deflate some of the momentum in the labor market. The service-producing industries, such as healthcare, education, transportation, and financing, bore the brunt of employment decline in August, losing 51,500 jobs.