OTTAWA — Students who have been hunting for a summer job and recent immigrants looking for work have felt the brunt of the country's weakening labour market, Statistics Canada's latest employment report shows.
Amidst historically high interest rates, the unemployment rate has climbed 0.9 percentage points over the last year and job vacancies have plummeted. The slowdown in the Canadian job market has also been particularly felt by recent immigrants, as their unemployment rate has climbed 3.1 percentage points on an annual basis to 12.6 per cent in July.
The increase in unemployment is especially stark for recent immigrant youth, who face a jobless rate of 22.8 per cent. That’s up 8.6 percentage points from a year ago.
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