110,000 people in Canada lost their jobs in two months.

BanglaPress Desk: Canada's labor market has shed approximately 110,000 jobs over two consecutive months. According to Statistics Canada, the country's official statistical agency, more than 68,000 jobs were lost in September alone, pushing the unemployment rate up to 6.5 percent. Youth employment took the hardest hit, while job losses were also recorded in the education, healthcare, and manufacturing sectors.
Reports indicate a net loss of 68,300 jobs in the North American nation last September, following a decline of 41,700 jobs in August. In total, employment fell by nearly 110,000 over the two-month period, raising the unemployment rate to 6.5 percent.
Data from Statistics Canada’s Labour Force Survey suggests that this drop in employment has sparked fresh concerns regarding the country's economy and labor market. Much of the job growth observed earlier this year has been wiped out by the declines seen over the last two months.
September saw the most significant impact in the education, healthcare, and social assistance sectors. The public sector also experienced a notable reduction in jobs. Additionally, the manufacturing sector lost approximately 12,700 jobs; this industry was already under pressure due to uncertainties surrounding US tariff policies and trade.
The employment situation for young people is also concerning. Employment among those aged 15 to 24 fell by 48,000 in September, with the unemployment rate for this demographic reaching 13 percent. Consequently, finding employment may become increasingly difficult for recent graduates, students, and young people looking to start their careers.
Regional disparities in employment trends were also evident. While job losses occurred in Quebec and British Columbia, employment increased in Alberta, highlighting that labor market conditions vary across different regions of Canada.
Meanwhile, despite the decline in the number of jobs, the average hourly wage for workers has risen compared to last year. However, the decline in employment opportunities could lead to increased financial uncertainty for job seekers and new immigrants.
This weakness in the labor market may also influence the Bank of Canada's decision regarding interest rates. Ultimately, whether rates rise, fall, or remain unchanged will depend on inflation, economic growth, and other key indicators.
According to analysts, whether the employment situation improves over the coming months will be a crucial factor in assessing the future of Canada's labor market. In particular, job opportunities for young people and hiring trends in the education and healthcare sectors will help gauge the direction of the situation.
BP/TD