For the third straight month, Canada’s unemployment rate has increased as the U.S. trade war develops and businesses face economic challenges from tariffs.
Although Statistics Canada says the employment landscape was “little changed” in its report on Friday, the overall unemployment rate increased slightly to 7.0 per cent in May from 6.9 per cent in April.
Statistics Canada also says that since January there has been “virtually no job growth” overall.
The labour force added a net 8,800 jobs, and that represents the final number of new jobs added compared with the total number of jobs shed.
U.S. President Donald Trump’s tariff policies are expected by many economists to lead to a recession this year, in addition to thousands of jobs lost from the labour market.
More to come.
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