The Canadian economy blew 66,000 jobs in August as the unemployment rate has been the lowest since ‘epidemic days’

Statistics According to Canadian data, the unemployment rate since 2016 increased to 7.1 percent in August – while Canada’s economy lost 66,000 jobs.

After stabilizing the unemployment rate at 6.9 percent in July, it increased again last month, making it the highest unemployment rate since May 2016 (except for the epidemic).

This year the unemployment rate is continuously increasing, below 6.6 percent In January,

Some economists are more serious than the prediction – ahead of the release, a reveater pole predicted the profit and unemployment rate of 10,000 jobs to 7 percent.

Among the lost jobs, the statistics Canada says-there were some 60,000-domn, while the number of full-time jobs had a very little change.

According to Socancan, most of the activists between 25 and 54 years were also with very little change in youth employment.

Employment also fell in many industries, including tariff’s hit. In particular, the scientific and technical services sector lost 26,000 jobs, while transport and warehousing 23,000 and manufacturing 19,000.

On the other hand, construction made profit, adding 17,000 new roles.

This comes when the economy loses a total of 41,000 jobs last month.

BMO’s Chief Economist Douglas Porter says, clearly, today’s news is not good.

Porter said in a note, “It is enough to say that it was worse than expected, and was of course the weakest jobs since the days of epidemic.”

He says that the damage in tariff-wisdom regions reflects the impact of trade war. He says the weak report may open the door to cut rates by Bank of Canada later this month, although the factor has not given them “all clear”, although high inflation.

The Central Bank will announce its next interest rate decision on 17 September.