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Economic Times
2 days ago
- Business
- Economic Times
Economist PM Mark Carney's big shock - Canada loses 41,000 jobs in July as youth unemployment hits 14-year high
Synopsis Canada unemployment rate July 2025: Canada's job market experienced a significant setback in July, shedding 40,800 jobs, predominantly full-time positions. The youth unemployment rate surged to 14.6%, a level unseen since 2010, excluding pandemic years. This weak data strengthens the case for a potential interest rate cut by the Bank of Canada, although upcoming inflation and jobs reports could influence their decision. Reuters FILE PHOTO: Canada's Prime Minister Mark Carney (REUTERS/Blair Gable/File Photo) Canada unemployment rate July 2025: Canada's job market faced a sharp blow in July as it lost a net 40,800 jobs during the last month, according to a report by Yahoo Finance citing the most recent figures from Statistics the national unemployment rate remained unchanged at 6.9 per cent, the majority of the lost positions were full-time in nature, and the most affected was young Canadians between 15 and 24 years old, whose jobless rate skyrocketed to 14.6%, the highest since September 2010, outside the pandemic years of 2020 and 2021, as per the Yahoo Finance report. Statistics Canada said, "Overall, there has been little net employment growth since the beginning of the year, and the number of employed people in July was little changed compared with January," as quoted in the to the consensus estimates of financial experts released by CIBC Economics, 15,000 jobs were forecast to be created and the unemployment level was expected to rise 0.1 percentage points to 7%, as reported by Yahoo Finance Canada' data shows that the Canadian economy added 83,000 jobs, which was above expectations, according to the report. ALSO READ: Trump prepares $500 billion IPO for Fannie Mae and Freddie Mac, could fetch $30 billion — biggest in yearsCIBC economist Andrew Grantham said that "the Canadian labour market came back down to earth with a bump" and added July's weak data "is supportive for our call of a 25-basis-point interest rate reduction" at the Bank of Canada's next announcement on September 17, according to the Grantham also pointed out that there are many more data releases, including inflation data and the August jobs report, that could change the Bank of Canada's outlook, reported Yahoo chief economist Douglas Porter described the July data as "unambiguously weak," and highlighted that with labour data for both June and July considered, "the overall picture is a soft economy, running with some excess capacity, not surprising in light of the trade uncertainty," as quoted in the report. He pointed out that, "For the Bank of Canada, this acts as a heavy counterweight to the outsized strength in June, but it will still need to see inflation slow notably over the next two prints for a September cut to be a high likelihood," as quoted by Yahoo Finance. ALSO READ: Who is Bao Fan, star Chinese banker who reappeared after vanishing 2 years ago? While July's unemployment rate remaind the same as June because the number of people looking for work or on temporary layoff was similar to June, but the participation rate, which measures the proportion of people aged 15 and older with a job or actively seeking one, dropped by 0.2 percentage points to 65.2%, according to the Canada senior economist Brendon Bernard highlighted that "Manufacturing jobs were roughly unchanged, [with] the weakness coming from information, culture, and recreation, which had been fairing well recently, as well as construction," as quoted in the Yahoo Finance report. Bernard said that, "Losses were also concentrated in Alberta and BC, while manufacturing-exposed Ontario and Quebec held steadier," as quoted in the even explained that last month's data show that weak hiring, not layoffs, "remains the primary drag on the employment situation," with "job seekers on the margins of the labour market" in a difficult situation, as quoted by Yahoo many jobs did Canada lose in July 2025?Canada lost 40,800 jobs in July, mostly full-time positions, as per the Yahoo Finance report. How many jobs did Canada lose in July 2025? Canada lost 40,800 jobs in July, mostly full-time positions, as per the Yahoo Finance report.
Japan Today
30-07-2025
- Politics
- Japan Today
Canada says it intends to recognize a Palestinian state in September
Canada's Prime Minister Mark Carney speaks to journalists outside his office on Parliament Hill in Ottawa, Ontario, Canada June 30, 2025. REUTERS/Blair Gable/File Photo By David Ljunggren Canada intends to recognize a Palestinian state at the United Nations in September, Prime Minister Mark Carney said on Wednesday. Carney told reporters that the planned move was predicated on the Palestinian Authority's commitment to reforms, including commitments to fundamentally reform its governance and to hold general elections in 2026 in which Hamas can play no part. © (c) Copyright Thomson Reuters 2025.
The Star
17-07-2025
- Business
- The Star
Economic uncertainty cannot be new norm, says Canada at G20
FILE PHOTO: Canada's Minister of Finance Francois-Philippe Champagne speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada May 29, 2025. REUTERS/Blair Gable/File Photo DURBAN (Reuters) -Major economies cannot allow uncertainty to become the new norm even though they face a novel world of growing trade restrictions and tariffs, Canada's finance minister said on Thursday. G20 finance ministers and central bankers meeting near Durban face a challenge to produce a final communique at a meeting overshadowed by Donald Trump's tariffs and in the absence of U.S. Treasury Secretary Scott Bessent. Canada's Francois-Philippe Champagne told Reuters he was cautiously optimistic a final communique would be agreed, but that the G20 of large developed and developing countries had in any case to send a clear message. "We cannot allow uncertainty to become the new certainty. Uncertainty is the word that came probably the most in the discussions today," he said at the end of the first day of the July 17-18 G20 meeting. Champagne saw a major rebalancing of trade due to restrictions and tariffs that would lead to diversification, different alliances and even new shipping lanes. The minister, who will also chair a G7 meeting on Friday morning, said he wanted the G20 to end with statements that restored business and consumer confidence, saying there were a number of things nations could collectively work on to do so. This included infrastructure investment and African development, describing the continent as "in many ways the future", with a fast-growing $3.4 trillion economy and a rapidly expanding young population who needed to be given opportunities. "The three pillars that attract investment are stability, predictability and the rule of law. And we need to work on that. I've even invited a number of African countries to formalise growing investment protection agreement," he said. "We want to see a flow of investments. We need to tackle that to provide investors the kind of confidence they need to invest." (Reporting by Philip Blenkinsop; Editing by Sandra Maler)
Straits Times
17-07-2025
- Business
- Straits Times
Economic uncertainty cannot be new norm, says Canada at G20
FILE PHOTO: Canada's Minister of Finance Francois-Philippe Champagne speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada May 29, 2025. REUTERS/Blair Gable/File Photo DURBAN - Major economies cannot allow uncertainty to become the new norm even though they face a novel world of growing trade restrictions and tariffs, Canada's finance minister said on Thursday. G20 finance ministers and central bankers meeting near Durban face a challenge to produce a final communique at a meeting overshadowed by Donald Trump's tariffs and in the absence of U.S. Treasury Secretary Scott Bessent. Canada's Francois-Philippe Champagne told Reuters he was cautiously optimistic a final communique would be agreed, but that the G20 of large developed and developing countries had in any case to send a clear message. "We cannot allow uncertainty to become the new certainty. Uncertainty is the word that came probably the most in the discussions today," he said at the end of the first day of the July 17-18 G20 meeting. Champagne saw a major rebalancing of trade due to restrictions and tariffs that would lead to diversification, different alliances and even new shipping lanes. The minister, who will also chair a G7 meeting on Friday morning, said he wanted the G20 to end with statements that restored business and consumer confidence, saying there were a number of things nations could collectively work on to do so. This included infrastructure investment and African development, describing the continent as "in many ways the future", with a fast-growing $3.4 trillion economy and a rapidly expanding young population who needed to be given opportunities. "The three pillars that attract investment are stability, predictability and the rule of law. And we need to work on that. I've even invited a number of African countries to formalise growing investment protection agreement," he said. "We want to see a flow of investments. We need to tackle that to provide investors the kind of confidence they need to invest." REUTERS
Straits Times
16-07-2025
- Business
- Straits Times
Canada's First Nations launch constitutional challenge of legislation
Find out what's new on ST website and app. General view of the Peace Tower over Centre Block on Parliament Hill in Ottawa, Ontario, Canada September 17, 2020. REUTERS/Blair Gable/File Photo TORONTO - A group of Canada's First Nations has launched a constitutional challenge to recently passed laws that would fast-track approval of infrastructure projects like mines and oil pipelines, arguing the measures violate the government's obligations to Indigenous people. The two new laws -- one in the province of Ontario and one at the federal level -- 'represent a clear and present danger to the Applicant First Nations' self-determination rights" and violate the government's obligation to reconcile with Indigenous peoples, according to a notice filed in Ontario Superior Court on Monday. The nine First Nations involved in the lawsuit are located across Ontario and comprise Alderville First Nation, Apitipi Anicinapek Nation, Aroland First Nation, Attawapiskat First Nation, Fort Albany First Nation, Ginoogaming First Nation, Kitchenuhmaykoosib Inninuwug, Oneida Nation of the Thames and Wabauskang First Nation. Parliament passed the federal legislation speedily late last month. It would let the government select infrastructure and resource projects in the "national interest' and then decide whether some laws apply to them. Liberal Prime Minister Mark Carney aims for the law to fulfill a campaign promise to speed up approvals of what he calls nation-building projects, including mines and oil pipelines. The Ontario law, passed in early June, allows the government to declare "special economic zones" that make some projects exempt from other provincial laws. Environmentalists oppose both laws, saying they sidestep legislation meant to mitigate ecological harms while Indigenous groups argue they run roughshod over their rights to self-determination and the government's duty to consult. Top stories Swipe. Select. Stay informed. Business US tariffs may last well after Trump; crucial for countries to deepen trade ties: SM Lee World Trump says Indonesia to face 19% tariff under trade deal Singapore 'Kpods broke our marriage, shattered our children': Woman on husband's vape addiction Singapore Las Vegas Sands' new development part of S'pore's broader, more ambitious transformation: PM Wong Multimedia Telling the Singapore story for 180 years Life Walking for exercise? Here are tips on how to do it properly Singapore CDL's long-time director Philip Yeo to depart after boardroom feud Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years The national law lets Canada 'unilaterally ram through projects without meaningful engagement with First Nations,' the court filing reads. Canada is committed to upholding its commitments and obligations to Indigenous peoples, a spokesperson for Canada's Privy Council Office wrote in an email, adding that Carney will meet with First Nations, Inuit and Metis in coming weeks. "Canada's goal is to pursue projects in the national interest in partnership with Indigenous Peoples," the email said. "Indigenous equity participation in major projects is a central focus of this initiative." The Ontario government said it has begun talks with First Nations aligned with its economic development goals and will continue consultations this summer. REUTERS
