Students are facing a particularly tough job market this summer, Statistics Canada notes, while new immigrants are being disproportionately affected by the slowdown in the overall job market.
That’s what the federal agency raised Friday morning in its most recent survey of the labor force, in which we also learned that the unemployment rate remained stable at 6.4% last month in the country, while the economy lost a modest 2,800 jobs.
In Quebec, employment also remained virtually unchanged and the unemployment rate remained at 5.7%.
With the Bank of Canada maintaining its key interest rate at high levels, the unemployment rate has climbed by 0.9 percentage points over the past year.
Meanwhile, the employment rate for students aged 15 to 24 who plan to return to school stood at 51.3% in July, down 6.8 percentage points from the same month last year.
According to Statistics Canada, this is the lowest rate for this category of workers since July 1997, with the exception of July 2020, during the COVID-19 pandemic.
The labor market slowdown was also particularly felt by new immigrants, whose unemployment rate climbed 3.1 percentage points on an annual basis.
To see in video