The Canadian economy blew 66,000 jobs in August because it has been at the highest level 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,
Among the 66,000 jobs, they were largely in part -time work. Low hiring and retrenchment largely gave air to those numbers, Statistics Canada said, “Sorting rate increased by one percent in August, compared to 0.9 percent at the same time last year.
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.
Statistics Canada says that most of the jobs were lost-some 60,000-dysfunctions, while the number of full-time jobs had a very little change. According to Statescan, with very little change in youth employment, most of the losses were among the workers of 25 to 54 years.
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 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.
Constant uncertainty around the American trade policy has placed Canadian businesses on Tantorhuk, affecting the job market and economic growth, at least hiring and investing.
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.
Young unemployment is stable
In August, there was little change in employment for people between the ages of 15 and 24 years, with young unemployment at 14.5 percent.
It is a decline of 0.1 percentage points before the month. Viewed on July Highest unemployment rate For that age group from September 2010 (again, outside the years of epidemic).
Between the ages of 15 and 24, General Z graduates are facing the highest unemployment rate which the country has seen in decades, apart from epidemic. The CBC’s Paula was broken as to what is behind the surge and what can it mean to an entire generation of Canadians.
Data paints a hard summer photo for students seeking work. From May to August, the unemployment rate for students returning to school in the fall was 17.9 – percent – most since the summer of 2009.
General Z students and recent grades are already Told CBC News Regarding their struggles to find work, some said that they would apply in hundreds of jobs in a series of months without success.
A report by Desjardins on Thursday argued for the rise of gig work, artificial intelligence and rapid population growth, which was one of the factors to meet job prospects for the youngest Canadian workers.
LJ Valencia, a writer of the Desjardins report, said that most of the existing employment for the youth returns to the Covid -19 epidemic recovery. At a time when business was hungry for labor, Ottawa increased the influx of foreign workers and loosened the restrictions on international students to meet the demand.
“Job opportunities are decreasing, as the economy cannot live with this situation of population growth,” he said.
The emergence of the gigal economy also limits the participation of the app-based and often uncertain work-as some apps need to be at least 18, effectively one needs to reduce anyone.
Desjardins also cited a study by a Stanford University published last week, which found that core-working-edged US employees have so far faced job disruptions from AI, they are starting to see the loss of employment to the youth.
