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After a strong jobs report in June, this month’s report was an unfortunate miss. Overall employment fell by a mere 6,000 jobs. Analogous to the U.S. economy, the healthcare industry remains one of the strongest in Canada, while construction appears to be suffering from increasing interest rates.
Perhaps the most concerning has been the slow uptick in the unemployment rate over the summer, with three months of growth. For most of the post-pandemic recovery, the unemployment rate has been higher for men, and now that trend has reversed (5.6% for women, 5.3% for men). A traditional recession indicator –
