Bloomberg reported the reduction of more than 40 thousand jobs in Canada
The Canadian economy lost 40.8 thousand jobs in July, which is the largest drop in the last seven years, excluding the pandemic data. This was reported by Bloomberg on August 8.
"Employment in July decreased by 40.8 thousand jobs due to a decrease in the number of full-time employees, while the unemployment rate remained at the same level — 6.9%," the agency cites data from the Canadian Bureau of Statistics.
It is noted that the scale of job cuts exceeded the most pessimistic forecasts of economists.
A decrease in employment is observed among young people aged 15-24 years — the unemployment rate among them has reached 14.6%, which is the highest since September 2010, excluding data during the COVID-19 pandemic.
According to the agency, the private sector lost 39,000 jobs in July, while employment in the public sector remained virtually unchanged. The main job cuts occurred in the fields of information, culture and leisure, as well as in construction.
On August 1, the Financial Times newspaper reported a sharp slowdown in the US labor market over the past three months. It was noted that "only 73,000 jobs were created in July in the world's largest economy." The publication clarified that the revision of the data for several months was caused by a reduction in government spending on personnel.
Later, on August 2, The New York Times reported that US President Donald Trump decided to fire Erica mcentarfer, head of the Bureau of Labor Statistics, because he did not like the data on low labor market indicators published on August 1. Experts have already stated that this dismissal "will further undermine the credibility of government statistics."
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