Canada election: Carney pitches funding boost for CBC, Radio-Canada as way to preserve national identity

The first (and largest) monthly unemployment since 2022

Canada has been unemployed for the first (and therefore, the largest) monthly job losses in three years in more than three years, according to new statistics from Statistics Canada, but it is not clear that tariff chaos is what drives the weakness of the labour market.

Last month, the economy lost 33,000 jobs, most of which were full-time, and economists expect it to earn 10,000. Meanwhile, the unemployment rate accounted for 6.7% from 6.6% (the first increase since November).

“On the sectoral basis, there is no obvious sign that weaknesses can be directly attributed to the trade war, as the losses are spread out,” wrote Doug Porter, chief economist at BMO.

Most of the losses are wholesale and retail trade, as well as information, culture and entertainment. Ontario is the most popular, but Alberta’s tariff manufacturing industry is also in trouble, losing 11,000 jobs.

“We are still waiting for the real blow to the trade war,” Brendon Bernard, a senior economist, wrote. “As the global stock market is now declining, the storm clouds on the horizon are approaching quickly.”