Employment fell by 40,800 jobs in July, mostly full-time, with unemployment steady at 6.9% as many leave the workforce. Job losses exceeded economists’ predictions, challenging the idea of a global economic boom. Shrinking paychecks versus inflation and reduced consumer demand are hitting labor markets hard. Youth (15-24) were most affected. China’s youth unemployment data suspension signals worsening conditions. This decline is a troubling sign for Canada’s economy.
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