Jobless Rate Increases to 6.2% in May: Are Further Rate Cuts Ahead?

The Leader Globe27 Sep, 2024News

A slowing economy is pushing more Canadians into part-time jobs, hindering young people?s attempts to gain early work experience, according to the latest employment data. Statistics Canada reported a decline in the employment rate for returning students aged 20-24 in May, dropping to 61% from 63.9% a year prior. Economist Brendon Bernard suggests there?s a link between the rising number of workers opting for part-time roles and a sluggish start to the summer job season for students. When established workers face weakened employment prospects, they may turn to seasonal or precarious positions to secure hours.