'July threw some cold water on the Canadian job market, after getting off to a hot summer in June'
Canada’s job market experienced the largest decline in employment in July since the end of the pandemic, dropping by 41,000, reversing about half the increase from the month prior.
This reduction comes after a particularly strong June, suggesting that the Canadian labour market may be facing some turbulence in the face of global uncertainty and sector-specific struggles, according to Brendon Bernard, senior economist at Indeed Canada.
“The employment drop came at a time of heightened trade uncertainty for the Canadian economy, but many of the details of the weak numbers resemble trends that’ve weighed on the labour market over the past few years, rather than a new shock to the system,” he says.
While the national unemployment rate held steady at 6.9% in July, the drop in employment suggests that the labour market is cooling off.
According to the latest Labour Force Survey from Statistics Canada, this decline was driven mainly by a drop in youth employment, with 34,000 fewer jobs for those aged 15 to 24. This age group saw the largest drop in terms of percentage, with a decrease of 1.2% in employment.
Notably, employment among core-aged workers (25 to 54 years old) and older workers (55+) remained largely unchanged in July, suggesting that the weakening job market is impacting younger job seekers more...
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