Statistics Canada released July’s labor force survey on Friday (August 8). The data shows that the Canadian economy shed 41,000 workers during the month and registered a 0.2 percent decline in the employment rate to 60.7 percent. However, the unemployment rate was unchanged at 6.9 percent. The most significant segment for the decline was among youth aged 15 to 24, with a drop of 34,000. That pushed the youth unemployment rate up to 14.6 percent, its highest rate since September 2010 apart from the pandemic. In terms of industry, construction saw the steepest decline as it lost 22,000 workers during the month. South of the border, the US imposed a 39 percent tariff on imports of 1 kilogram and 100 ounce gold bars from Switzerland. In a ruling posted to US Customs and Border Protection’s (CBP) Customs Rulings Online Search System on Friday, the CBP states that reciprocal tariffs will…
