Canadian Job Market Loses Steam as Employment Drops by Over 41,000

Canada's job market slowed down sharply in August, losing 41,700 jobs after an unusually strong summer hiring season. The unemployment rate remained steady at 6.4%. This report comes before the effects of U.S. President Donald Trump's new 50% tariffs can be felt in Canada's economy.

The Canadian job market was propped up by a boom in healthcare employment in Alberta and Ontario, but this growth may indicate that other parts of the economy are sluggish. The two provinces collectively accounted for much of Canada's job growth in recent months.