Canada’s unemployment rate ticks up

The article is all about unemployment in Canada which shook the economy of the country. The Canadian
economy lost 40,000 jobs in the month of August and the unemployment rate rose up to 5.4 percent.
The unemployment rate, was recorded the lowest at 4.9 percent in July. Canada has lost more than
100,000 jobs in last three months. Two sectors were affected the most which include construction and
education sector. The education sector has borne the burnt of the jobs decline over the summer loosing
50,000 jobs. The construction sector shed 28,000 jobs. It has been observed that an economic slowdown
is expected as interest rates continue to climb. The country faces the inflation rate 7.4 percent due to
which the wage rates are impacted as recorded that the current wage rate $31.33 hourly.

In my opinion, the construction sector is a massive industry in Canada. As Canada’s economy and
population continue to rise, largely due to strong immigration, the need of infrastructure and housing
continues to expand as well. By observing this we can say that the construction industry will grow
strongly in upcoming years. The slowdown of the economy is associated with reductions in hourly
wages, number of hours worked. The reduction in adult income makes it harder for the parents to bear
the direct costs of education such as tuitions, fees, books, etc. Education outcomes are consequently
harmed because the child is either withdrawn from school or inadequately prepared for it.

https://www.cbc.ca/news/business/canada-jobs-august-1.6577100