Canada’s job market saw a decline of nearly 41,000 positions in July that primarily affected full-time employment, particularly among youth and within the private sector.
The country’s employment rate declined 0.2 percentage points in July to 60.7 percent, while its unemployment rate remained steady at 6.9 percent, according to Statistics Canada’s latest Labour Force Survey released Aug. 8.
Most of the decline was in the private sector, with 39,000 fewer jobs in July. A total of 5,800 self-employed jobs were also lost. The public sector was the only sector to experience growth in July, with an increase of 4,000 jobs.
Youth were particularly impacted, with 34,000 Canadians between the ages of 15 and 24 losing their jobs in July. The employment rate decreased by 0.7 percentage points to 53.6 percent, marking the lowest rate since November 1998, excluding the COVID-19 pandemic era of 2020 and 2021….