Ottawa: Economic experts warn that the recent tariffs imposed by the United States could result in the loss of more than 40,000 jobs across Canada. According to reports, the country’s youth are expected to bear the brunt of this economic setback.
Analysts had initially projected an increase of 13,500 jobs, but unemployment rates are now anticipated to rise to around seven percent. Douglas Porter, Chief Economist at BMO, noted that the latest data reflects a weak start to the third quarter.
In his report, Porter described the figures as “undeniably disappointing,” especially coming on the heels of a previously strong economic report. He explained that, taken together, the data suggests a softening economy with some spare capacity, which is not surprising given ongoing trade uncertainties.
The decline in employment is predominantly among young people aged 15 to 24, a group already struggling to find work in the current economic climate.
Youth employment rates have dropped to 53.6 percent, marking the lowest point since November 1998, excluding pandemic-related lows.
