6.4% unemployment rate, 2,800 job loss in Canada, particularly affecting youth and recent immigrants.
Canada's unemployment rate remains at 6.4% in July as the economy sheds 2,800 jobs, with the job market struggling, particularly for youth and recent immigrants. Statistics Canada's July labor force survey reveals that young people and newcomers to Canada have been disproportionately affected by the economic slowdown, with unemployment rates rising for recent immigrants and Canadian-born individuals. The Bank of Canada's key interest rate currently stands at 4.5%, and the central bank has indicated that it plans to continue cutting rates as long as inflation declines further.
August 09, 2024
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