8.5 C
London
Monday, December 2, 2024
HomeNewsUSCanada Unemployment Rate Rises to Near 2.5-Year High: Labor Market Challenges Persist

Canada Unemployment Rate Rises to Near 2.5-Year High: Labor Market Challenges Persist

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

Ottawa, July 5 – Canada’s labor market is facing headwinds as the unemployment rate rose to 6.4% in June, the highest level since January 2022. The number of unemployed persons increased by 42,000 to 1.4 million, with the most significant growth among youth aged 25 and under, where the unemployment rate reached 13.5%.

Key Points:

  • Rising unemployment: The unemployment rate climbed to 6.4% in June, up from 6.2% in May and the highest since January 2022.
  • Increase in unemployed persons: The number of unemployed persons rose by 42,000 to 1.4 million.
  • Youth unemployment: The unemployment rate among young people aged 25 and under jumped to 13.5%, the highest in nearly a decade excluding pandemic-affected years.
  • Surprise for economists: The outcome was worse than economists’ expectations of a 6.3% unemployment rate.

Table 1: Canada Unemployment Rate

MonthUnemployment RateNumber of Unemployed (millions)
June 20246.4%1.4
May 20246.2%1.36
January 20226.4%1.38

Table 2: Canada Unemployment Rate by Age (June 2024)

Age GroupUnemployment Rate
15-24 years13.5%
25-34 years6.5%
35-44 years5.1%
45-54 years4.5%
55-64 years3.9%

Additional Information:

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories