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The outlook for Canada’s labor market and broader macroeconomy is worsening: unemployment continues to rise, inflation remains above what the Bank of Canada can stomach, and employment prospects dwindle for both native-born Canadians and immigrants.
Canada’s labor market added 25,000 new jobs last month, while the unemployment rate increased for a second month in a row to 5.8%. This is now 0.8 percentage points above the historical low in April this year, indicating prospects for job seekers are getting more competitive. The total size of the population (age 15+) also grew by 78,000, more than triple employment growth.
