BREAKING: Canadian Economy Loses 24,200 Jobs, Unemployment Rate Rises

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

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