Unemployment rate rises in Canada; 84,000 jobs lost in February alone

 

 

Statistics Canada reports that 84,000 jobs were lost in February, taking the country's unemployment rate to 6.7 per cent. It was 6.5 per cent in January. The biggest drop was in full-time jobs. While more than 100,000 permanent jobs were lost, 73,000 people lost their jobs in the private sector alone. This collapse completely contradicted economists' estimates that there would be 10,000 new jobs.

Experts believe that the trade war with the United States, high import tariffs, and global uncertainty caused by the Iran war have negatively affected the Canadian market. Young people have been hit the hardest by the crisis; 47,000 people between the ages of 15 and 24 lost their jobs and the unemployment rate in this group rose to 14.1 per cent. Retail and wholesale sectors have also recorded a huge decline. Economic observers warn that similar challenges are likely to continue in the market in the coming months.