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Canadian Unemployment Hits Near-Decade High Amid Trade War Fallout
Canadian Unemployment Hits Near-Decade High Amid Trade War Fallout
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Canada's labor market shows deepening strain as May's unemployment rate climbs to 7%, marking the third consecutive monthly increase. A meager addition of 8,800 jobs falls catastrophically short of absorbing 1.6 million jobless workers—the worst non-pandemic employment figures since September 2016.
Surprisingly, the iShares S&P/TSX 60 Index ETF (XIU) edged upward during Friday trading despite the grim data. The absence of mass layoffs offers a lone silver lining, suggesting structural resilience in the labor market even as trade war headwinds persist.
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