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Canada Job Crisis: More than 41,000 jobs were lost in Canada during August

  
  
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  Canada Job Crisis: 41,700 jobs were lost in Canada during August. On the other hand, despite such a large number of jobs being lost, the unemployment rate in the country has remained stable at 6.4%. Earlier, an analyst survey had predicted that after a huge increase of 75,100 jobs during the month of July, an increase of about 15,000 jobs could be seen in August, but the actual situation was completely opposite to this and a huge decline in employment was recorded. This was revealed in the economic report. After these figures came out, there was an immediate reaction in the financial markets, due to which the Canadian dollar fell by 0.51% against the US dollar to C$1.3860. It is worth noting that immigrants in Canada have been facing a double blow since last year. On the one hand, the Canadian government has tightened the rules for permanent residence. On the other hand, the fear of losing jobs persists and young people are struggling to find jobs. Jobs decreased in various sectors According to the report released by Statistics Canada, most of the job losses have been seen in full-time employment where a total of 35,900 positions have been reduced, while part-time employment has also decreased by 5,800 jobs. Service-producing industries such as healthcare, education, transportation and finance have suffered the most from this recession and this sector alone has lost 51,500 jobs during the month of August. In addition, the youth unemployment rate in the country has increased by 0.3 percentage points to 12.9% and the average hourly wage of permanent employees has also declined to just 2%. The already sluggish momentum of Canada's labour market could face even greater challenges in the coming days as US President Donald Trump's new 50% tariffs take effect and Canada's retaliatory measures take effect.
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