Massive job loss in July follows decline in June.
Canada’s economy lost a whopping 24,200 net jobs in July, the second month in a row with job losses, following a loss in June as well.
The unemployment rate rose to 5.7%, also the second time in two months that the unemployment rate has risen.
There’s more disturbing data, as hours worked dropped 0.7% on a year-over-year basis.
And the net job losses mask an absolutely devastating month in the private sector, as a stunning 69,300 jobs were lost. That was somewhat offset by a rise in self-employment and public sector jobs, which increased by 27,700 and 17,500 respectively.
Both part-time and full-time employment fell.
This job report makes clear that Canada’s economy is in serious trouble, and the economic policies of the Trudeau government are failing.
Spencer Fernando