Canada sheds tens of thousands of jobs as Trump tariffs hit
Summary
In July, Canada lost 40,800 jobs, partly due to U.S. tariffs on steel, aluminum, and cars, which impacted manufacturing jobs. Despite the drop, the unemployment rate remained at 6.9%. The decline in jobs primarily affected young workers, with both the employment rate and youth employment specifically dropping.Key Facts
- Canada lost 40,800 jobs in July, after gaining 83,000 jobs in June.
- The overall employment rate fell to 60.7%, according to Statistics Canada.
- Youth unemployment rose to 14.6%, the highest since 2010, excluding pandemic years.
- U.S. tariffs on steel, aluminum, and cars contributed to a loss of nearly 10,000 manufacturing jobs.
- Unemployment stayed steady at 6.9% despite job losses.
- Oxford Economics forecasts 140,000 more job losses, potentially raising unemployment to mid-7%.
- The Bank of Canada held its key policy rate unchanged but may lower rates if economic conditions weaken.
- Average hourly wages for permanent employees rose 3.5% to 37.66 Canadian dollars in July.
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