Canada Sheds 66K Jobs as Carney Vows to Bring in More Foreign Workers - Daily Telegraph NZ

Canada sheds 66K jobs as Carney vows to bring in more foreign workers - Daily Telegraph NZ

Image – Statistics Canada. Canada shed 66,000 jobs in August, following 41,000 losses in July, pushing unemployment to 7.1%—the highest level since May 2016 outside the ‘pandemic’. Ontario was hit hardest, losing 26,000 jobs, while 31,000 people left the labour force altogether. Over the past year, Canada’s population has grown by 649,000 but only 212,000 jobs were created, leaving 1.6 million Canadians unemployed and youth joblessness at 14.5%.…

RBC says weak jobs report puts pressure on Bank of Canada to lower rates

Canada shed 66,000 jobs in August, marking a second straight monthly contraction and pushing the unemployment rate up to 7.1%, its highest level in nearly a decade outside of the pandemic, Clare Fan, senior economist at Royal Bank of Canada, said in a report. The decline followed a 41,000 job loss in July and underscores […] Source

Weak jobs report adds pressure on Bank of Canada, but inflation still holds the key

Employment fell more sharply than forecast in August, but economists say inflation data will ultimately guide the Bank of Canada’s next move.