In July, Canada's economy lost 40,800 jobs, pushing the employment rate down to 60.7 percent, the lowest in eight months. The overall unemployment rate held steady at 6.9 percent despite expectations for a slight uptick. The manufacturing sector was particularly affected by Trump's tariffs, leading to significant layoffs and reduced hiring. Analysts predict further job losses, with an expectation of around 140,000 additional layoffs and an increase in the unemployment rate to the mid-7 percent range later this year. Hence, net employment growth has stagnated since the year's start.
Canada's economy lost 40,800 jobs in July, marking an eight-month low for employment, with the employment rate dropping to 60.7 percent.
Trump's sectoral tariffs on steel, aluminium, and autos decreased hiring rates in the manufacturing sector, resulting in tens of thousands of job losses.
The unemployment rate remained steady at 6.9 percent, while analysts predicted job additions and an uptick in unemployment to 7 percent.
Predictions indicate an expected loss of around 140,000 jobs and a rise in the unemployment rate to mid-7 percent later this year.
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