Overview

• Canada's job market shed jobs for the second consecutive month, losing 2,800 positions in July.
• The national unemployment rate has held steady at 6.4%, the highest in over two years.
• Youth unemployment surged to 14.2%, the highest since September 2012 outside the pandemic.
• Recent immigrants face a 12.6% unemployment rate, with immigrant youth unemployment at 22.8%.
• Economists predict further interest rate cuts by the Bank of Canada to stimulate economic growth.