Statistics Canada says employment fell by 40,000 jobs in August, taking cumulative losses since May to 114,000
Canada’s unemployment rate shot up in August as the economy shed jobs for a third consecutive month, the latest sign of a chill spreading through the labour market.Statistics Canada said Friday
“Canada has now seen three consecutive months of job losses, something that hasn’t historically happened outside of a recession,” said Royce Mendes, head of macro strategy at Desjardins Securities, in a note to clients. “The deterioration in the job market appears to be occurring faster than anticipated.
Even so, many companies are still struggling to find workers. Employment fell slightly in the accommodation and food services sector last month, and total employment in that industry was down 15 per cent – or 179,000 people – from its prepandemic level. At the same time, employers in hospitality were recruiting for more than 170,000 positions as of June.total job postings on Indeed Canada
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