Canada’s Unemployment Rate At Highest Level Since 2017

Canada’s unemployment rate rose to 6.6% in August, its highest level since 2017 excluding the Covid-19 pandemic.

Statistics Canada reported that the 22,100 net new jobs were added across the country in August, mostly in part-time positions.

The results lifted Canada’s unemployment rate to 6.6%, its highest level since May 2017.

Economists surveyed by the Reuters news agency had forecast 25,000 net new jobs in the month and for the unemployment rate to rise to 6.5%.

The federal statistics agency said that job growth in Canada has failed to keep pace with a surge in the country’s population due to rising immigration levels.

The increase in part-time work during August helped to partly offset a decline in full-time employment nationwide, said Statistics Canada.

In all, 65,700 part-time jobs were created in August, while full-time jobs decreased by 43,600 positions.

Unemployment for students rose sharply this summer, reaching 16.7% for people aged 15 to 24, up from 12.9% a year ago.

Read:

• AI in Healthcare Set for Explosive Growth with Projections Hitting $613 Billion by 2034

• Promising Progress in Oncology as Cancer Deaths Decline and Research Grows

• Recent Breakthroughs in Cancer Research Could Impact These Key Companies

• On the hunt for Alaska’s next large deposit of precious and critical metals

• How AI and Quantum Computing Are Transforming Security in 2024 and Beyond

The unemployment rate between May and August for students was the highest it has been since 2012, also excluding the COVID-19 pandemic, said the Ottawa-based agency.

News of the rise in unemployment comes days after the Bank of Canada lowered interest rates for a third consecutive time at its September policy meeting.

Futures traders are now betting 40% that the central bank will lower interest rates a further 50-basis points at its next meeting in October as evidence grows that the economy is slowing.