Toronto faces a challenging job market with unemployment reaching its highest point since the COVID-19 pandemic. Experts attribute this trend to the Bank of Canada's interest rate increases and a mismatch between job growth and population expansion.
Toronto ’s unemployment rate is at its highest point since the COVID-19 pandemic. Nearly 380,000 Toronto nians were searching for a job in November as the city’s unemployment rate reached 8.1 per cent. This puts Toronto ’s jobless rate among the highest in Ontario, behind only Windsor at 8.7 per cent. According to experts, this trend is similar to what’s happening across Canada as the Bank of Canada implemented interest rate increases in 2022 to curb inflation and wage demands.
While the city and country have been adding jobs, it hasn’t been enough to keep up with population growth. Furthermore, a rapid rise in interest rates has cooled hiring in some sectors, despite the Bank of Canada’s recent efforts to bring rates to a more neutral level. Businesses are hiring less due to the prolonged period of high interest rates, as they are hesitant to take risks with hiring additional workers
Unemployment Toronto Economy Interest Rates Job Market
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada's unemployment rate soars to highest level in 8 yearsIt's a challenging time for job seekers in Canada right now. The unemployment rate rose 6.8 per cent in November, marking the highest in eight years.…
Read more »
Canada’s unemployment rate rate hits high not seen since 2017, outside pandemicEconomy added 51,000 jobs in November, with gains concentrated in full-time work
Read more »
Minister calls for interest rate cut as Ontario unemployment rate inches higherOntario’s Minister of Economic Development Vic Fedeli speaks during an electric battery announcement in Kingston on July 13, 2022.
Read more »
Unemployment in Alberta remains steady, population growth continues to drive up Calgary’s unemploymentNew data shows Calgary’s unemployment rate ranks amongst the highest in the country as its growth in population continues to outpace the availability of job opportunities.
Read more »
Alberta's unemployment rate rose to 7.5% in November, despite strong job growthA pedestrian waits at a crosswalk in downtown Calgary on December 11, 2021. (Ose Irete/CBC)
Read more »
Canadian unemployment rate jumps near 8-year highCanada's unemployment rate rose more than expected to 6.8 per cent in November, a near-eight-year high excluding the pandemic years, even as the economy added a net 50,500 jobs, data showed on Friday, likely boosting chances of a large interest rate cut next week.
Read more »