This article was last updated on April 16, 2022
Canada: 
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Unemployment in Canada is on the rise after 5months of stability. After March, Canadian entrepreneurs started to downsize in August, since the workforce lost thrust over the summer as the global economy got worse. Reports suggest that companies suddenly slashed 5,500 jobs last month which raised Canada’s rate of unemployment to 7.3 per cent.
Moreover, the private-sector service fell by 20,600 – there were 22,000 more employees in the public sector and 6,900 less self-employed, states a survey.
According to Porter, deputy chief economist with BMO Capital Markets, “Details of the report were somewhat better (than the headline number), but the overall tone clearly points to some underlying loss of momentum in Canada’s job market.”
Reports state that Canada’s rising unemployment is leaving deadly scars on the sector of construction, transportation and warehousing, in addition to natural resources sectors balancing gains in health care and social assistance.
On the other hand, the CIBC World Markets chief economist Avery Shenfeld said: “These weaker-than-expected results will feed into fears that the Canadian economy will not rebound as sharply from its (second-quarter) dip as policy-makers would like to see.”
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