Canada shows signs of a slowing economy, with nearly 55,000 job losses in the month of July, its largest loss since the recession of the early 1990s. Such losses pose the fear of a recession for the economic state of the country.
The largest amount of losses came in the manufacturing industry and greatly affected Canadian provinces Quebec and Ontario.
Economists claim that Canada’s slowing economy is an economic response to the US economic state and the current weakness of the Canadian dollar.
The Canadian dollar is at its lowest level in a year, falling to 93 US cents. Analysts say this is largely due to the drop in oil prices and the strengthening of US currency.
Statistics Canada claims the national unemployment rate actually improved to 6.1 from 6.2% in the last month. This decrease was largely due to the fact that many workers, especially younger workers, are no longer seeking work.