Canada's unemployment rate climbed to 6.6%, the highest since 2017 if excluding COVID-era fluctuations, signaling deepening malaise in the job market.
Economists indicate layoffs are rising and job openings are declining, suggesting that hiring demand from businesses is slowing significantly amid a broader economic downturn.
Despite inflation being under control within the Bank of Canada's target, the economy continues to weaken, with per capita GDP negative in seven of the last eight quarters.
Bank of Canada is racing against time to prevent a recession, signaling that it may need to cut interest rates to combat economic weakness.
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