(C): The Globe and Mail - twitter
April’s unemployment rate in Canada reached 6.9%, the highest in the subsequent period since November 2024. Statistics Canada‘s data demonstrates the increased impact of US tariffs on Canada’s export-reliant economy. The rise in unemployment in April totalled 39,000, raising the total number too close to 1.6 million unemployed Canadians.
Manufacturing saw the highest job losses, losing 31,000 jobs. Many of these losses are due to the US tariffs that former President Donald Trump imposed on Canadian steel, aluminum, and automobiles. These tariffs have: disrupted the businesses operations, reduced exports, and increased producer costs. Retail and wholesale trade employment sectors also decreased.
While unemployment was growing, net job creation overall was weak at just 7,400 jobs in April. That is only modestly better than March’s decline of 32,600 jobs. Public sector hiring increased modestly, with 23,000 positions continuing, mainly through temporary hiring for the federal election.
Looking for work is getting more difficult. StatsCan said that 61% of people unemployed in March were still unemployed in April, so there was more opportunity than in March, but not a lot more to be able to afford the rent. The employment rate (the portion of the working-age population employed; it is now at 60.8%) is low and has not been less in six months.
The wages for full-time Greater Toronto Area (GTA) employees went up 3.5% in June, the same annual growth rate for the month of March. Now that that is stable, this is the wage growth pace everyone is currently watching closely as the Bank of Canada decides how to respond to inflation and interest rates.
Due to the weakening job market, economists now believe the Bank of Canada may cut interest rates this June, with market chances at over 55%.
This economic downturn may be prolonged unless trade tensions improve and hiring picks up.Full Official Statistics ‘Here’
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