Canada faces a crisis as unemployment rises to 6.6%, with youth unemployment at alarming levels. Business confidence has plummeted significantly.

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Canada is grappling with a stark reality as the unemployment rate jumps to 6.6%, the highest level since 2017, excluding the COVID pandemic. This is more than just a statistic; it’s a warning sign that cannot be ignored. The youth unemployment rate has reached a staggering 14.5%, with Ontario bearing the brunt at a chilling 17.5%. As Canada continues to add people to its population, the failure to generate corresponding job opportunities is reaching a crisis point.

Business confidence in Canada has plummeted, dropping to 48.20 points in August from 57.60 points in July 2024. This sharp decline signals growing unease among businesses about the economic landscape, a concern that is echoed in the U.S. with the U-6 unemployment rate rising to 7.9% from 7.8%. The latest jobs report was hardly a beacon of hope, especially with another revision cutting jobs by a staggering 100,000.

The risk of unemployment looms larger than ever, and the threat of increased layoffs is becoming a winter reality. The 6.6% unemployment rate may be a misleading figure—many believe it’s much higher. The truth is hidden behind the numbers, with countless individuals experiencing drastic reductions in their working hours. How many people have seen their weekly hours slashed from 40 to just 15 or 20?

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This isn’t just about statistics; it’s about lives being affected and families facing uncertainty. As the data paints a grim picture, it becomes increasingly clear that urgent action is needed to address the deepening crisis.

Sources:

https://ca.finance.yahoo.com/news/unemployment-rate-jumps-to-66-in-canada-highest-since-2017-outside-covid-19-134654498.html

https://ca.finance.yahoo.com/news/canada-unemployment-rate-rises-6-125022406.html

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