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A recessionary labor market
There is no doubt that the Canadian labor market is in a downturn as employment has declined in two consecutive months (41,000 in July followed by another 66,000 in August). In fact, total employment is now slightly lower than in January.
The unemployment rate has increased from a low of about 5% in mid-2022 to 7.1% in August. As the jobs market has cooled, young workers have been bearing the brunt of the burden. Youth unemployment has risen by more than 4 percentage points over the same period, but it is not just younger workers