Canada’s national unemployment rate rose again in August as the labour market cools, with Canadians competing for jobs with the massive influx of foreign workers. The massive unemployment rate is just another nail in Prime Minister Justin Trudeau’s coffin as his popularity plummets.
Statistics Canada said on Friday that the unemployment rate increased to 6.6 percent, up from 6.4 percent the previous month, despite a net job growth of 22,000 positions. The increase reflected increases in part-time work but decreases in full-time occupations.
According to StatCan, the national jobless rate has reached its highest level since May 2017, excluding the pandemic years.
Canada’s unemployment rate has risen despite the fact that the country continues to add jobs as its population increases rapidly.
StatCan said that students, in particular, experienced a challenging summer work market. The unemployment rate among students returning to school in the autumn was 16.7%, the highest since 2012, excluding the pandemic.
In August, one industry continued to grow: health-care and social support. According to StatCan, this sector added 157,000 jobs in the previous year, accounting for roughly half of all job growth in the country during that time period.
Educational services increased jobs in August, offsetting losses in professional, scientific, and technological services, as well as “other services,” which StatCan defines as personal and repair work.
According to the organisation, average hourly salaries increased by 5.0% in August, a tiny decrease from 5.2% the previous month.
The most recent reading on the Canadian employment market comes two days after the Bank of Canada slashed interest rates for the third time in a row, decreasing borrowing costs in a bid to relieve economic pressure.
TD Bank economist Leslie Preston said in a note Friday that the bad August jobs report “is giving the OK” to the central bank to keep cutting rates; she expects two more quarter-point cuts at the remaining decisions this year.
With the unemployment rate about two percentage points higher than the all-time low of 4.9% in June 2022, CIBC senior economist Andrew Grantham believes there are evidence the jobs market is faltering faster than expected.
“Because of this, we think the Bank should be considering a faster pace of cuts to get interest rates to less restrictive levels,” he said in a note to clients Friday morning.
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