Canada unemployment on rise as 41000 jobs lost in July but rate holds steady
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Canada's labor market showed signs of strain in July, as Statistics Canada reported a loss of 41,000 jobs. However, the national unemployment rate remained steady at 6.9 percent, reflecting a complex picture beneath the headline numbers.The job losses partially offset the surprising 83,000 new positions added in June, but the stability in the unemployment rate suggests the overall number of Canadians actively seeking work did not shift significantly. Still, the numbers reveal deeper challenges for certain groups and sectors.The July downturn hit full-time jobs hardest and was concentrated in the private sector, especially in industries sensitive to economic shifts. The information, culture, and recreation sector led the job losses, followed by construction. Meanwhile, manufacturing, particularly areas affected by US tariffs, recorded modest gains for a second straight month, a small bright spot amid the uncertainty.One of the most concerning trends was among youth aged 15 to 24, who experienced the biggest drop in employment. This tough summer jobs market poses real struggles for young Canadians seeking their first work experience, often in seasonal or part-time roles. For many, these early jobs are crucial stepping stones to financial independence and career development.Economists note that the stable unemployment rate despite job losses may indicate more people gave up actively looking for work or moved between jobs, making the headline figures somewhat less straightforward. Trade tensions with the US and tariff uncertainties continue to weigh on some sectors, adding to the cautious outlook.The layoff rate remains almost unchanged from last year, suggesting companies are holding steady amid trade uncertainties and inflation pressures.
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