“While the Canadian job numbers have been quite volatile this year, other drops, including July’s, had often followed strong gains, helping keep the broader trend steady. This August was different. Employment posted its worst loss of the year, pushing the unemployment rate up to 7.1%, the highest it’s reached this cycle, after lingering around 6.9% since late 2024. Hours worked were flat, in part because job losses were concentrated in part-time roles.”
