The Canadian economy blew 66,000 jobs in August as the unemployment rate was the highest since the ‘epidemic days’
Statistics According to Canadian data, Canada’s unemployment rate reached almost its highest point since 2016 as the economy shed 66,000 jobs in August.
The data agency said that the unemployment rate rose 0.2 percentage points to 7.1 percent in August, a level that was last seen in May 2016, if the Kovid -19 years of 2020 and 2021 were excluded, the data agency said.
The number of unemployed people from unemployment rate, or total population, is increasing continuously this year, above 6.6 percent rate 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.
An important metric, called the partnership rate, indicates how many people were financially active – either in jobs or actively in search of them – at 65.1 percent, the lowest even after the epidemic.
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.
